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Originally Posted by lrjohnson
I keep hearing that you can usually borrow up to three times your annual income. I'm in California; that won't get me a house in this State, even in my Northern rural county.
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When we bought our house we borrowed almost 8 times of our annual income. I live in CA too. The houses are really expencive here. If we wouldn't buy it that time, we wouldn't be able to buy it at all. Now it worth more than 100K more than we bought it for. We would never be able to save 100K in 2 yrs, we don't even make that much. Even the rent is like $1000 here, unless you are on special low-income housing.