It depends on whether the wall above is load-bearing, and on how much load is coming down on it. If it's a gable-end wall, it's probably not load bearing, if the floor joists run parallel to the wall you want to put the window in. If that's the case, then it depends on whether it's carrying one or two stories plus the gable end.
To further complicate matters, I'm sure you want the window to be as high as possible in the wall, unless the bottom of the window will be above grade with a deep header over it.
Usually, the header would fit up under the sill plate for a basement window. There are some "tricks" like placing the header above the sill plate, shortening as many studs as necessary, but that should be done only on the advice of a qualified design professional, to make sure other relevant details are looked after properly.
Or you might use a deep steel angle header to minimize the depth. Again, a professional should be consulted.
Architect (NY) and Home Designer (PA)