Home Buying in Whittier>Question Details

Seanmcafee, Home Buyer in Whittier, CA

how much money do i need to make to buy a house? i only make 2400 gross pay a month. i feel like im throwing $

Asked by Seanmcafee, Whittier, CA Tue May 19, 2009

money away renting.

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Answers

8
can i buy a house on$763.10 a month
0 votes Thank Flag Link Thu May 22, 2014
I would consult a couple of your local mortgage offices and credit unions to see if you qualify for a loan and if so how much of a house you can afford. Also many sites can give you an estimate on the loan amount if you input your yearly income.
Flag Thu May 22, 2014
Your income is only one factor considered in determining if you will be approved for a loan.

Hee is what lenders examine:

1. Credit scores and history
2 Employment
3. Income
4 Debt to income ratio
5 Down Payment amount
* there are special programs for first time buyers that require little money down*

You should consult a mortgage consultant, they can examine a lll your info and give you a clear idea of what you can qualify for. THIS IS DONE AT NO CHARGE!!!

A good place to start would be the bank/credit union where you do your personal banking.

Best of Luck to You!!!!!
Kawain Payne, Realtor
0 votes Thank Flag Link Mon Mar 11, 2013
How much money do I need for a down payment and what do I need I'm a first time buyer
0 votes Thank Flag Link Sat Feb 16, 2013
Hi Sean,
Don't throw your money away any longer. The best thing to do is go to your bank and get prequalified. They will be the ones to determine what you can afford then you are on your way on owning your own home. Have you heard about the Tax Credit for first time home buyers?
0 votes Thank Flag Link Mon Aug 24, 2009
Here's a great calculator to help you figure it out:
http://www.bonnietherealtor.com/Nav.aspx/Page=/Calculators/D…
There are also several cities with down payment assistance programs:
http://www.socaloceanviews.com/professional11.shtml (don't use this website regularly as it isn't mine ;-p )
If you look on my home page, there are three loan agents who are great in helping you find good down payment assistance.. http://.www.BonnieTheRealtor.com - about 2/3 way down the page. It indicates which specialize in DPA probrams.
Please call if you could use some help. I try to explore every avenue in finding homes for my clients...and my clients are very satisfied with our assistance. I'm an award-winning agent, as well.
Good luck. Bonnie Scribner
714.296.0513
Century 21 Discovery (leading broker in No. OC for 11 years, but specializing in all of So. Cal.

Hope to hear from you soon.
0 votes Thank Flag Link Sun Jun 21, 2009
Sean:

Where there is a will, there is a way. As long as stick to the basics, get yourself qualified for a loan based on your actual income, and then search out properties that you can truly afford, you can stop the rent cycle and become a home owner.

With your income, you might also qualify for some City, County, State or even Federal programs that will assist you in becoming a home owner (as long as you have not owned a home in the past 3 years). The City of Carson - Down Payment Assistance program is currently undergoing revisions and will probably be available to start assisting homeowners again sometime this summer.

If you want to discuss all the possibilities, do not hesitate to contact me directly (either by phone or through my Trulia profile). It would be my pleasure to help you identify any programs for which you might be eligible, connect you to a lender who is approved for the programs identified and get you pre-qualified for a loan. Then you can start looking for homes in your price range with the knowledge that everything is lined up for you to buy a home when you find the right one. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Thu May 21, 2009
That would really depend on what sale price you are looking at and more information would be needed so if you are interested in finding out what you could qualify for then feel free to contact me.
0 votes Thank Flag Link Tue May 19, 2009
You might just be throwing your money away. We wouldn't be able to give you an exact number on how much you need to make in order to qualify for a loan, it all depends on your debt and income. You should really get qualified by a lender.

I work the Whittier area and would like to help. Please e-mail me or call me and we can talk a little more. I have a client who makes $22,000 a year and qualififed for a home of $225,000. Call me.

Dyanna
323.359.7992
dyannaavila@hotmail.com
0 votes Thank Flag Link Tue May 19, 2009
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