Can we qualify for a loan based on our income

[Umar Farooq]

Hello BP members, currently living in New Jersey renting paying about 1100 a month in rent and officially fed up. Me and my cousin who is also paying about the same amount of rent for his apartment are considering partnering up and buying a duplex together. We have about $50,000 for a down payment. In my area which long branch nj a 2 unit 2 bedrooms on each side can cost anywhere from 250-400k. Our goal at max is live there for 5 years since the school system is not all that great with high school being rated at abut 6 out of 10. To Summarize current income 70k a year credit score over 750 for both, 0 debt for both. Can we qualify and if we can how much. I’m guessing if we can afford to pay 2200 a month in rent combined I’m sure we will be able to afford a mortgage payment if we get a 30 year mortgage. Any input will b greatly appreciated. Thank you