Home Buying in 92124>Question Details

Mercedes Car…, Home Buyer in 92124

could qualify wiht only one income 55,000 a year. How much and how mcuh down?

Asked by Mercedes Carmona, 92124 Tue Feb 1, 2011

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Answers

21
Caroline’s answer
Are you financially down and need loan?
Do you need loan to pay off credits and debts?
Do you need finance to set up your own business?
Do you need loans to carry out large projects?
Do you need college loan?
Do you need funding for various other processes?

I urge you to stay relax and worry no more as we
offer you a legit offer to your door step,
C-W INVESTMENT LOAN SERVICE
your financial problem is our target.
email contact: cwinvestmentloanfirm@gmail.com
you have to fill out the following
information:

APPLICANT PERSONAL INFORMATION'S.

APPLICANT FULL NAMES…………………….
SEX……………………………………
AGE……………………………………
MARITAL STATUS………………………….
NATURE OF JOB……………………………
HOME ADDRESS…………………………….
PHONE NUMBER………………………….
Purpose OF LOAN NEEDED………………………
DURATION OF LOAN…………………………
AMOUNT OF LOAN NEEDED…………………….

OUR LOAN INTEREST IS JUST 3% AND OUR OPERATIONS IS BEEN GUILD
UNDER THE LENDERS LAWS,ALL COMPLETED
APPLICATIONS SHOULD BE SEND DIRECTLY
VIA EMAIL TO ( cwinvestmentloanfirm@gmail.com ) for
verifications if your loan is been approved a notification
mail will be send back to you.
0 votes Thank Flag Link Sat Jun 15, 2013
HI, Mercedes,

The income is enough to qualify for a loan, but the question is how much? Also it depends on other factors like your credit score, debt to income ratio, etc.

I can put you in contact to my lender that will verbally qualify you without submitting any paperwork yet, just so you know how much and IF you can qualify for a home loan in California.

Let me know, and good luck,

Khrystyna Chorna
Prudential California Realty
516 5th Ave,
San Diego, CA, 92101
tel: 619-808-7064
fax:619-702-9044
http://www.sandiegodowntowncondos.net
http://www.youtube.com/chornarealestate
1 vote Thank Flag Link Fri Feb 11, 2011
Mercedes,

There are some good answers below. Without repeating all of the details of them, here's what's most important about the position in which you find yourself:

1) Work with a lender to get a pre-approval. Do not work with a lender who will charge you an application fee for this service. You're only looking to sort out your options, not commit to the transaction.
2) All (valid) pre-approvals are an analysis of income, assets and credit (plus collateral --- the value of the house). You need all of these addressed by your lender before you'll know for sure the amount for which you'll qualify.

If I can help in any way, let me know.

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote Thank Flag Link Tue Feb 1, 2011
Is this 55k 1099? w2? if w2, and there's no other debt, liens, child suport, writeoffs, or anything adversely eating up into that income, and an FHA with 3.5% down is used, the low 160's may be your budget. But in the end, you have to let a lender prequalify you or you're going to continue the guessing game.

And if you have healthy liquid assets, (401k, IRA, checking, savings, etc over 100k) I can actually use that to boost up income. it's called Asset Depletion, and its a program exclusive to us.

Agents, for your self employed or high net worth clients struggling with high debt to income ratios, this program will save your sale.
1 vote Thank Flag Link Tue Feb 1, 2011
Hello Mercedes,

First you need to be pre-qualifed by a lender. I have a great one that I work with. I am a realtor and resident of the 92124 zip code. I would be happy to meet with you and get all the criteria of your needs and see where we can go from there. Please give me a call so we can meet and see what is available for you. 619-507-2271

Talk to you soon.

Amy Kitchens, Realtor
Advance Realty Premiere Properties
DRE# 01873494
9460-P Mira Mesa Blvd.
San Diego, CA 92126
amykitchens.realestate@gmail.com
619-507-2271 cell
1 vote Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,

Your best bet would be to find a Realtor and have them connect you to their lending source. The lending source, after running the credit will be able to plug in the many different compensating factors to assign an interest rate. The short answer is most lenders use a ratio to qualify. For example:
28/38 ratio. This means that the house payment can't exceed 28% of your GROSS income. In this case $1375 would be your number. And all other revolving debt (car payment, credit card, school loan etc..) including your house payment can't exceed 38% of your GROSS income. This is called a front end qualification and a back end qualification.

Depending on the lender, your credit, and the program they decide to qualify you on, the ratio can be adjusted. If you have a credit score over 750 they might base it on a 35/45 ratio. Some can go as high as 50% on the back end. Again it will depend on the lender.

The down payment is only fixed in one scenario. FHA. FHA loans require 3.5% minimum down. These are ALL variables in coming to a final answer.

Can someone qualify for a home on $55K? Yes. In San Diego...you might be looking at a condo.

I will give you a sample:

Case study - $165,000 property with an interest rate of 5% for a 30 year fixed loan period, considering 1.2% property tax, association dues of $250 per month, and property insurance of 1.5%, your house payment should fall around $1333 per month. This does not include PMI (private mortgage insurance) which you might need if you put less than 20% down (33K)
If you put 33K down one could effectively purchase a property for around $198K


Please understand these are just numbers off the top of my head and are in no way a guarantee.
However, a lender can give you what you are looking for.
Your lender will walk you through all of it.



Best of Luck!

Jonas Mancuso
Remax / Lakeland
http://www.talktohouston.com
1 vote Thank Flag Link Tue Feb 1, 2011
Are you financially down and need loan?
Do you need loan to pay off credits and debts?
Do you need finance to set up your own business?
Do you need loans to carry out large projects?
Do you need college loan?
Do you need funding for various other processes?

I urge you to stay relax and worry no more as we
offer you a legit offer to your door step,
C-W INVESTMENT LOAN SERVICE
your financial problem is our target.
email contact: cwinvestmentloanfirm@gmail.com
you have to fill out the following
information:

APPLICANT PERSONAL INFORMATION'S.

APPLICANT FULL NAMES…………………….
SEX……………………………………
AGE……………………………………
MARITAL STATUS………………………….
NATURE OF JOB……………………………
HOME ADDRESS…………………………….
PHONE NUMBER………………………….
Purpose OF LOAN NEEDED………………………
DURATION OF LOAN…………………………
AMOUNT OF LOAN NEEDED…………………….

OUR LOAN INTEREST IS JUST 3% AND OUR OPERATIONS IS BEEN GUILD
UNDER THE LENDERS LAWS,ALL COMPLETED
APPLICATIONS SHOULD BE SEND DIRECTLY
VIA EMAIL TO ( cwinvestmentloanfirm@gmail.com ) for
verifications if your loan is been approved a notification
mail will be send back to you.
0 votes Thank Flag Link Sat Jun 15, 2013
Are you financially down and need loan?
Do you need loan to pay off credits and debts?
Do you need finance to set up your own business?
Do you need loans to carry out large projects?
Do you need college loan?
Do you need funding for various other processes?

I urge you to stay relax and worry no more as we
offer you a legit offer to your door step,
C-W INVESTMENT LOAN SERVICE
your financial problem is our target.
email contact: cwinvestmentloanfirm@gmail.com
you have to fill out the following
information:

APPLICANT PERSONAL INFORMATION'S.

APPLICANT FULL NAMES…………………….
SEX……………………………………
AGE……………………………………
MARITAL STATUS………………………….
NATURE OF JOB……………………………
HOME ADDRESS…………………………….
PHONE NUMBER………………………….
Purpose OF LOAN NEEDED………………………
DURATION OF LOAN…………………………
AMOUNT OF LOAN NEEDED…………………….

OUR LOAN INTEREST IS JUST 3% AND OUR OPERATIONS IS BEEN GUILD
UNDER THE LENDERS LAWS,ALL COMPLETED
APPLICATIONS SHOULD BE SEND DIRECTLY
VIA EMAIL TO ( cwinvestmentloanfirm@gmail.com ) for
verifications if your loan is been approved a notification
mail will be send back to you.
0 votes Thank Flag Link Sat Jun 15, 2013
Are you financially down and need loan?
Do you need loan to pay off credits and debts?
Do you need finance to set up your own business?
Do you need loans to carry out large projects?
Do you need college loan?
Do you need funding for various other processes?

I urge you to stay relax and worry no more as we
offer you a legit offer to your door step,
C-W INVESTMENT LOAN SERVICE
your financial problem is our target.
email contact: cwinvestmentloanfirm@gmail.com
you have to fill out the following
information:

APPLICANT PERSONAL INFORMATION'S.

APPLICANT FULL NAMES…………………….
SEX……………………………………
AGE……………………………………
MARITAL STATUS………………………….
NATURE OF JOB……………………………
HOME ADDRESS…………………………….
PHONE NUMBER………………………….
Purpose OF LOAN NEEDED………………………
DURATION OF LOAN…………………………
AMOUNT OF LOAN NEEDED…………………….

OUR LOAN INTEREST IS JUST 3% AND OUR OPERATIONS IS BEEN GUILD
UNDER THE LENDERS LAWS,ALL COMPLETED
APPLICATIONS SHOULD BE SEND DIRECTLY
VIA EMAIL TO ( cwinvestmentloanfirm@gmail.com ) for
verifications if your loan is been approved a notification
mail will be send back to you.
0 votes Thank Flag Link Sat Jun 15, 2013
Hello Mercedes I'd need you to speak with a lender and get pre-approved so we're not guessing; but I think with that income we'd be able to find you something. The down payment can be zero down, 3.5% down or more depending on how you qualify; again you need so speak with a lender to determine that. Please email me if you'd like a lender to contact you for FREE right over the phone; it only takes about 10 minutes or so and you'll quickly know just how much home you can afford.

I hope this was helpful.
0 votes Thank Flag Link Tue Feb 1, 2011
Thanks Nick!

(This forum requires my post be 25 characters long..I think this should cover it...._
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,
I am not a mortgage broker, but I could give you a "what-if" scenario.

Let's say you have perfect credit and no credit card debt, some cash to put down, and that the current interest rate is 4.75% for a 30 year fixed.

Let's assume that your 55K/year is W2 income, which means that you are probably in the 25% tax bracket.
That means your take-home pay per month is about 3400.

I would recommend that you only pay about 25% of your take-home pay on mortgage payments so that you are not eating Top Ramen every night. So that's about 850/mo for principle, interest, taxes, insurance.

Also let's assume that you qualify for FHA, and that will be putting 3.5% down.

Ok, so with the above parameters, you are looking at a mortgage of around 163K, which means a purchase price of about 169K and 6,000 down.

I hope that gives you a good idea. Call me or email me - I'll hook you up with one of our trusted lenders to get you started. There are a lot of condos out there in this price range.

Joe Rennick
Joe@whisselrealty.com
619.302.9139
DRE Lic #01871454
0 votes Thank Flag Link Tue Feb 1, 2011
Mercedes,
The best way to find out about how much you could qualify for is to talk to a lender, If you go to this website ( http://www.yoursdps.info/3/W0000019741/P0000367194.htm ) there is a list of lenders who are very good and can assist you in determining what loan program would work best for you.
If you were to purchase a FHA repossession, it may be possible to have a down payment as low as $100. The typical FHA program requires 3.5% as a down payment. I am an approved FHA repo broker and can help you find one of those homes.
But the first step is to talk to a lender and see what they suggest. Once you are pre-approved it will be much easier to look for a home.
Please contact me if I can be if any further help to you.

Best wishes,
Jerry Heard
Broker
The San Diego Property Shop
619-920-9796
0 votes Thank Flag Link Tue Feb 1, 2011
Great reply Jonas.

Thumbs up!
0 votes Thank Flag Link Tue Feb 1, 2011
I can run the numbers for you and issue a preapproval depending on your information and credit score for free. That's what I do!
:)
Call me anytime.
858-848-LOAN
0 votes Thank Flag Link Tue Feb 1, 2011
Without your overall financials, credit, debt, etc., consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Tue Feb 1, 2011
Yes but it depends on other factors as well. Do you have any other credit card debt or car loans. The banks are going to qualify you off your total income vs all your current liabilities and new mortgage payment. The max debt to income ratio they will go to is around 55%. So if you have a 500 dollar car payment and no other debt you can get a mortgage for around 2000 a month. How much do you have to put down? The minimum amount down would be 3.5% of the purchase price.

Drew Lyon
DL2122@gmail.com
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,
There are a few more things that factor in to your qualification such as debts. (ie. Credit cards, car loans, etc.)
Please give me a call so we can discuss it a little more and get you on the right track.
Thanks,

Daniel Di Matteo
Century 21 Award
(619)512-0006
http://www.DiMatteoGroup.com
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,

The very best thing to do first is contact a few lenders and find out a specific answer to the question from a company that would given you a loan.

We would recommend that you speak with Bobby Askari:

Sr. Home Loan Consultant
613 W. Valley Parkway #230
Escondido, CA 92025
Office: (760) 270-9280)
Mobile: (619) 889-9024)
Fax: (866) 596-6195)

Best of luck,

Mark & Kari Shea
Shea Real Estate
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,

You can go with FHA @ 3.5 percent down. I have several contacts that I can refer to you.

Off the top of my head (If you have no debt) you possibly qualify you up too 100k MAYBE 150k

You can chat with me live by visiting the link below.

Have a good day.
Nick
Web Reference: http://www.nickruiz.com
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Mercedes,

Good morning, there are some great loan programs out there right now, for example FHA loans require only 3.5% of the purchase as a down payment and there is even 1% down loan programs for first time home buyers. Call me if you would like more details, have a great day!

Baruch Rosenberg
Keller Williams Realty
619-436-9500
http://www.baruch4homes.com

Hablo Español
0 votes Thank Flag Link Tue Feb 1, 2011
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