mortgage laws

No, you would need to earn about $10,000 to be able to qualify for that mortgage. The payment just for principal and interest is more than your yearly income. With your income, you would be limited to about 250k.

Hi Truemaster,

You should contact the local lenders and apply for a loan. They will go through your financial situation and let you know how much loan you can qualify for. You can even check out the given calculator for the same: http://www.mortgagefit.com/calculators/howmuch-afford.html

Thanks

You are supposed to contact the loan originators in this case. Based on the financial determination made by the lender your loan amount will be calculated.

The question posed was, on the face of it, ridiculous. No lender with any sense would grant a loan of $790K to a borrower with income of $47K. "Contacting the local lenders" in order to apply for a loan would probably lead to gales of laughter around the office as the loan officers considered the possibility of a person with that income borrowing such an amount.

Unab's comment that the "loan amount will be calculated" based on "the financial determination" is lamentably true, albeit not very helpful.

can they? yes
will they? no

it is not a law question. it is a loan guideline question