Home Buying in San Antonio>Question Details

Halotony_67, Home Buyer in Von Ormy, TX

1st time homebuyer. 55k income with wife, looking at a 125k home. would this be possible?

Asked by Halotony_67, Von Ormy, TX Sun Aug 5, 2012

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Roland Gonzales’ answer
Yes, it is possible if your current debt is in the area of around $600. It could work. Recommend that you visit with a mortgage lender - the lender will review your credit history to insure you qualify for a loan. At $125,000, your payment, including real estate taxes and insurance at the current interest rate, should be around $1,000 per month.

Give me a call and I can provide the right questions to ask your lender - after 14 years in the business I can certainly point you in the right direction.

Good Luck.

Roland Gonzales
0 votes Thank Flag Link Sun Aug 5, 2012
Wow Jose.
That was very helpful.
Nice Ad
0 votes Thank Flag Link Sun Aug 5, 2012
Yes, please find your nex home at http://www.JoseSellsSanAntonio.com
Good Luck
0 votes Thank Flag Link Sun Aug 5, 2012
Depends on your other debt payments and credit.
But a $125K home loan with that income is doable.
0 votes Thank Flag Link Sun Aug 5, 2012
Hello...you would certainly not be wasting my time, as I work for you. You should be able to pre-qualify fairly quickly and see some homes while doing so. Your circumstances are feasible and lots of mortgage options available also. I personally live on acerage and have some great experience to offer you.

I would love to help!
Diana Tawil
The Horn Company
Helotes, Texas
0 votes Thank Flag Link Sun Aug 5, 2012
Looking at the Von Ormy/ Lytle area. We've seen a few homes on this site and are perfect on what were looking for; 1-5 acres and good looking homes without too much to work on. we dont have a timeframe on moving in, but seeing our options would be very helpful. Question: would we be wasting any realtors time by wanting to see a home while were in the process? Or is that only for people once they've seen what their qualified for?
0 votes Thank Flag Link Sun Aug 5, 2012
Not a waste of time but it would be best to see exactly where you are in financing... I saw that Barbara Coker Mortgage broker also responded to your question, I highly recommend Barbara she's been doing business in SA for a very long time and can get this loan process going... USDA loan would be a great option for that area but it can take longer to process the loan... as for looking at homes I would be happy to meet with you at your convenience... Let me know what time and date is best for you...
Rosie Kelch
210-846-3027 mobile
Flag Sun Aug 5, 2012
That is up to the individual Realtor/Agent. Many do not go to the effort until they know that the potential client has been 'pre-qualified' so they are assured that the time and gas invested will eventually result in a return in commission. I will be glad to answer any of your questions and possibly visit with you.
Flag Sun Aug 5, 2012
Yes, this price range would be reasonable for your income. Of course, underwriting depends on job stability, income determination, and credit scores. The Von Ormy area should be eligible for the 100% USDA mortgage, and a seller is allowed to pay all of your closing costs and prepaids. Call me for more prequalification help. 210-842-4185. I work on Sundays!

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Sun Aug 5, 2012
Buying a home is an exciting experience and one that requires reflective thought, planning, and insight. That this is an important decision is not in question, and so it is very important that you be advised by a true experienced Real Estate Professional for the purchase of your first home.

I believe: "In giving advice, seek to help, not to please, your friend."
Solon (638 BC - 559 BC)

Yours Truly,
Rosie Kelch "The Singing Realtor"
23 years RE Pro.
210-846-3027 Direct Line
0 votes Thank Flag Link Sun Aug 5, 2012
This is absolutely possible once you get your pre-qualification completed and assess your intended monthly payments vs. the home you are trying to buy. There's no real timeline that matters except yours so you can move as fast or as paced as necessary to find the right home at the right price and if we're lucky with some positive equity walking in. Take care,

Michael Benavides
Keller Williams Realty
0 votes Thank Flag Link Sun Aug 5, 2012
Von Ormy is located in the South West region of San Antonio. So I can definitely be of help. As answered by Tim, it is a good idea to speak to a lender first in order to get down your debt-to-income ratio. They will consider the big picture of your current credit status and any loan programs they have available. On the average, 28-33% of your monthly income will be the amount you will have available for a monthly mortgage payment. At 55K, 28% (the low average) falls at $1280. That can easily get you into some of the local homes under the USDA programs for home that fall outside the city limits. The loan program you qualify for will determine the amount of down payment that will be required of you. Currently the USDA loan program is a Zero down. There are also closing costs involved. SInce you are a first time buyer I can easily connect you with a booklet of information that will educate you upon the whole process. Knowledge is power, especially when considering a Real Estate purchase. Contact me and I will gladly help you find the way to your goal.

Gregory Touchstone
Realtor® | Select New Homes, LLC
0 votes Thank Flag Link Sun Aug 5, 2012
That should work. Where are wanting to live?
0 votes Thank Flag Link Sun Aug 5, 2012
Give me call. I have a great lender, she works on Sundays. Thanks for reading

Susan Casas
0 votes Thank Flag Link Sun Aug 5, 2012
Love it when someone in Fl tells someone in TX to call and work with me.

It does sound possible. What we don't know is if you have a down payment, will the house go FHA and other things so you really need to speak with a lender, then call the lady in Florida.
0 votes Thank Flag Link Sun Aug 5, 2012
Yes this is very possible. You can cal me at 239-246-0277 and I would be happy to work with you.
0 votes Thank Flag Link Sun Aug 5, 2012
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