[NC] First time buyer with lower income but a large down payment: What should I expect?

Still in the preliminary stages right now but I wanted to get some feedback on what I should realistically expect. IE: Do I really have a shot at being approved for anything and if so what I should expect my approval amount to be (roundabout). A quick summary of my situation:

  • I work freelance from home and will make between 20-25k this year.
  • My credit is rebuilding and only at 620 but somewhat steadily increasing.
  • I will have a substantial down payment between 60-80k.
  • Looking to buy in: North Carolina (Winston-Salem, Greensboro, Jamestown).

I've budgeted what I know I could afford in terms of a monthly payment at around $500-550/mo which would put me in the $140-150k range with the down payment using mortgage calculators online. I understand that just because I believe I can afford that doesn't mean I have a shot at being approved for that which is why I'm asking for some feedback here now. I also understand I shouldn't expect any definitive answers but like I said, being in the preliminary stage right now I just want a little "expectation check" before I were to go any further.

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