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I am in Atlanta, married and in early 20s. Hoping to buy a house sometime in the next 6-18 months. My wife and I are hoping to buy a house that costs roughly 4.5x our current annual income. I have very good credit, my wife has a short credit history but otherwise perfect credit. Our only debt (besides credit cards paid off in full monthly) is a consolidated student loan to which we pay about 4% of our gross income. Our only substantial assets are about half a year of income in savings (mostly 401k/IRA, reasonable efund, we've only been working 1.5 years), and two cars worth about $5k each.

Will I likely be able to get a loan for 4.5x income, full doc? Let me know if more info is needed to answer this question, or if there are conditions on the answer (i.e. "yes, but only if you can put X% down").

How much cash should I expect to bring to closing, as a % of the purchase price? I guess this is really a two part question: what minimal amount would allow me to qualify for a loan in today's environment, and what % would be average for a first time homebuyer?

What ballpark will my interest rate likely be in, including PMI?

Your advice will be a big help for my wife and I as we work on our financial plans for the next couple of years, balancing the savings goals of near-term home ownership, retirement savings, and other smaller goals. Sincere thanks in advance.
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