Bari033, Home Buyer in West Hollywood, CA

if my annual house income is around 130,000, is that enough for a house that cost around 700,000?

Asked by Bari033, West Hollywood, CA Sat Jan 1, 2011

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Answers

15
Everyone who told you yes was absolutely wrong. No. No, 130k/yr is not enough for a 700k house. Not unless you have a 400k down payment ready.
0 votes Thank Flag Link Tue Jul 12, 2016
Thanks for your question. It's a good one and depends upon several factors, however, this question is best answered by a mortgage banker. You should have a good idea of your down payment, reserves, credit, and your other monthly debt so that your mortgage person gets a full picture of your finances. If you are interested in talking with someone, I would be happy to refer you to a great mortgage person who could let you know how much you can purchase so you can move forward with confidence. Please let me know and talk soon.

Damian DiCesare
The West Hollywood Perspective
Keller Williams
BRE#01267505
(310) 291-3636
http://www.damiandicesare.com
damian@damiandicesare.com
0 votes Thank Flag Link Thu Apr 24, 2014
Click or paste this link: http://darrensmith.info/buy.html on this page you will find a handy affordability calculator, and at the bottom click the link to our preferred lender at New American Funding,
Happy Hunting!
0 votes Thank Flag Link Wed Apr 23, 2014
Few items needed to answer your question:

1. How much down payment? Owner Occupied or investment property?
2. Total Consumer Debt (monthly minimum payments)

With answers to those questions, we'll be able to get a rough idea of where you stand.
0 votes Thank Flag Link Wed Apr 23, 2014
I'd love to introduce you to my mortgage broker. In my opinion, Although, it seems like your income is sufficient.
Have a nice day and keep your job ;)

Alexandra R. Trudeau | Realtor | CA CalBRE #01948951

CA Realty Group LA, Inc.
8024 W 3rd St | Los Angeles, CA | 90048
P | 323.263.7368 ext 103 | F 323.210.3227 C | 626.290.1508
http://www.CArealtyGroupLA.com
Facebook: Alexandra Trudeau Real Estate
0 votes Thank Flag Link Thu Apr 10, 2014
Bari033, there are a lot of variables, such as how much is available for down payment, how good your credit score is. Please contact me directly at homes@endrebarath.com and I will provide you with one of the best lenders in the greater Los Angeles.

Endre Barath,Jr.
Prudential California Realty
Beverly Hills, CA

310.486.1002
0 votes Thank Flag Link Sun Jul 8, 2012
Figure roughly 4-5 times your income in loan plus your downpayment. This assumes, you qualify based on a whole number of factors, and that you are not carrying significant debt (student loans, business loans, credit cards).


Good luck!
0 votes Thank Flag Link Mon Jan 3, 2011
Hi Bari, if you want to get a ballpark figure what your payment is, there is a mortgage calculator on my website that you can use for free and don't have to register (under Tools). Also, remember you have taxes and insurance to add to that number as well. Now, whether you qualify or not is another question which depends on down payment, credit score, debt, whether you work for yourself and other factors. I have a really good mortgage guy at Bank of America I can refer you to if you'd like to speak to him. Should be a short conversation, no more.
0 votes Thank Flag Link Sun Jan 2, 2011
Even if you have no debt, and a bank will qualify you, do you think that you will be comfortable with the payment? Think about all the other expenses you have, come up with an amount that you feel comfortable with on a monthly basis, and take it from there. If you have a large down payment, and the property taxes are low, you might be fine. Otherwise, think twice.
0 votes Thank Flag Link Sun Jan 2, 2011
If you have no other debt & great credit, then you just might make it, even if you only have 3.5% down and have to buy FHA. However, only a lender can tell you for sure. I work with one of the best loan officers at a direct lender, MetLife Home Loans. He can evaluate your situation and give you an answer quickly, often in under an hour. The wonderful thing about Chris, my loan officer, is that he always delivers. So many other lenders will tell you they can do the loan and then when push comes to shove, they can't close it on time or under the terms they quoted. Chris can get you pre-approved, not just pre-qualified, so that when you find the home of your dreams, he can close the loan FAST. Contact me directly and I will put you in touch with him.

Also, if you need a great agent in the West Hollywood area, let me know. I would be happy to make a referral to a top agent who knows the area like the back of his hand. Congratulations on your new home. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes Thank Flag Link Sat Jan 1, 2011
Bari, the ratio of your income to the house payment is just one of numerous criteria lenders will look at when evaluating your application. Just as important is credit history, employment stability, and liquid assets (cash).

Best thing you can do is find a lender you are comfortable with and apply for a pre-approval. The cost shouldn't be more than about $17 for the credit report - whatever you do don't agree to pay any large "application" fees. It's totally unnecessary. Some lenders feel if they can you to pay a large upfront fee you'll be more inclined to stick with them.

Be prepared to submit pay stubs, tax returns, bank statements and other similar financial documents to verify your information.

As to whether your income is "enough" - one thing I suggest buyers do is take a look at their budget. Are you currently paying rent, mortgage payment, and/or putting monthly amounts into savings that equate to the payment on a $700,000 home? If not, you'll want to have a good idea of how you will be able to close the gap between what you are currently paying versus the new payment.

if you have any other specific questions feel free to post back to this forum or you can contact us via our profile. We love helping Southern CA buyers. :)
0 votes Thank Flag Link Sat Jan 1, 2011
Bari,
Based the information provided, possibly. Your credit history, other debt, available down payment, job history will all have to be considered as well. Talk to a local lender and provide a fuller picture of your situation and see what they determine.
0 votes Thank Flag Link Sat Jan 1, 2011
You can go to this website link for Wells Fargo, to start an online application & find out what you can qualify for.
https://www.wfhm.com/loans/lisa-banhagel/index.page

Most home sellers or if you plan to look at REO properties will want you to at least cross qualify with a Direct Lender, i.e. Large Bank, like Wells Fargo.

Lisa, at Wells Fargo, works on weekends, just like I do. Feel free to email me directly if you have any questions. OR feel free to sign up to search the MLS just like I do at my website link below.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sat Jan 1, 2011
It could be possible...depending on debt and downpayment...feel free to call me for free evaluation.....310 490 6286...realdaniel.com.
0 votes Thank Flag Link Sat Jan 1, 2011
There are other factors that go into getting approved for a mortgage. You can contact a lender and get an idea of what and if you can get approved with out any cost or obligation. It will let you know exactly where you stand.
0 votes Thank Flag Link Sat Jan 1, 2011
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