We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.
Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.
Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.