Deborah Cros…, Home Buyer in Virginia Beach, VA

what amount would the combined income have to be in order to purchase a house in the 180,000 range in Va Beach?

Asked by Deborah Crosby , Virginia Beach, VA Thu Nov 1, 2012

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This question was asked from this property: http://www.trulia.com/property/3094343893-447-Lake-Havasu-Dr…

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Lenders are going to be looking at everything, not only your income. You need at least an income of $60,000 in order to get a buy a house of $180,000 This calculation is if you do not have outstanding debts. Shop around for a mortgage broker, they have access to many banks, private lenders and many different programs.

Best of Luck,

Maria Cipollone
Century 21 Tenace
http://www.Flahomespecialist.com
2 votes Thank Flag Link Fri Nov 2, 2012
Deborah,

That is a great question. All of the individuals listed above are true professionals that I have known for some time. That said my name is Robert Ashburner NMLSR 607856, I can be reached at (757) 652-5851. I invite you to attend my next Virginia Housing and Development Authorities

http://www.vhda.com/about/CalendarofEvents/Pages/EventCalend…

on December 3rd and 5th at Beach Ford, 2717 Virginia Beach Virginia 23452. The class is a two days class, each class starts at 5:30 pm and ends at 8:30 pm. The class is completely free of charge and will teach you how to make those calculations on your own. The course comes with a free book and the class covers: personal finance, credit, role of the real estate agent, role of the lender, the home inspection and finally the loan closing. To sign up please up for the class by call me at 757-652-5851

Robert H. Ashburner, Jr. NMLSR 607856
Monarch Mortgage
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
Office (757) 390-2235
Cell (757) 652-5851
Fax (757) 390-2335
E-mail rashburner@monarhcmtg.com
1 vote Thank Flag Link Wed Nov 14, 2012
Hi Deborah, thats a great question. There are a lot of variables such as the type of mortgage, if you have any other debts, etc. In general a borrowers total debt ration shouldn’t exceed 45% for most types of loans..

Total debt ratio is defined as the new mortgage payment plus any reoccurring credit items such as auto loans, student loans, credit cards, (items such as cell phone bills, utilities and 401k loans are not included in the ratio) divided by all borrowers gross (before taxes are deducted) monthly pay. You can include items like social security, child support, etc in the gross pay.

The monthly payment for the mortgage would depend on the type of mortgage and the amount of down payment. The type of mortgage you qualify for can cause the payment to vary significantly, often by several hundred dollars. A very, very ball park estimate for an FHA monthly payment would be maybe about $825 per month. That’s kind of a worse case number making a whole lot of assumptions.

If there are no other bills than you would need about $1950 in monthly income to qualify. If you have other credit bills than roughly for every $100 in other monthly credit bills you would need about $200 more income.

This is a very, very general overview. If you would like to find out how you could qualify for this loan amount I would suggest you call Rich Kunze at First National Bank of Layton. He can go over things on the phone with you and answer any questions. He’s been in the industry for over 30 years so he knows how to help you qualify for the most house possible at the lowest payment. Also there are a lot of different ways he can help you overcome any issues or concerns you may have. The best part is he will do the for you for free. His office number is 757-605-1112 and his cell phone is 757-270-1346. It would really help you if you took 10 minutes and gave him a call.

Is there a specific property you are interested in? If so I can take a look at the listing for you and also let you know what other properties might be available that are similar to this one.
0 votes Thank Flag Link Fri Nov 2, 2012
I have 3 Mortgage Loan Officers to recommend.

They are not in any order of preference.
You will receive exemplary service from all 3 of these Mortgage Loan Officers.

I receive no Finder’s Fees from these lenders. If that were to happen the lender and I would be breaking Federal Law

I can only recommend LOCAL Banks or Mortgage Loan Companies. You want to be able to sit across the table and look your MLO in the eyes. They are on your team.

Late last year on the day of a closing the lawyer doing the closing called and told me my clients needed to bring $1700 to the closing table. The MLO was local. I called him on the phone. His office was two blocks away from the lawyer. He told me he was at a meeting and once it was over he would go over to the lawyer’s office. He did. My client then needed to bring $700 to the closing table.

Additionally, if you are pre-approved for $300,000 and we are making an offer on a home for $285,000, we will want your MLO to adjust the pre-approval letter to $285,000 before we deliver the offer. If your MLO is local I can have that done quickly, as opposed to days later. One MLO I work with sends me the Pre-Approval Letter in MS Word format so I can do it myself.

If your loan officer is in a big office building in Florida, they can’t do these things for you. (NFCU)

Local Banks and Mortgage Companies many times will give you a lower interest rate than large national name-brand banks. Local Lenders also tend to not throw in Junk Fees. I have seen Junk Fees as high as $2,000.

ALWAYS GET A SECOND OPINION. (or even a 3rd) You will find the price of the mortgage and associated fees vary from lender to lender. Over the course of a 30 year loan small amounts in the beginning become large amounts.

Multiple Credit Reports pulled over 30 days from Mortgage Companies are counted as ONE HIT on your Credit Report. They know you are shopping for a mortgage.

The instant you do something such as pay a bill on time, your score begins to recover from the hit.

Here are my recommended Mortgage Loan Officers:

Nate Brown
Monarch Bank Mortgage
2809 S. Lynnhaven Rd, Bldg 1, Suite 200
Virginia Beach, VA 23452
Cell: 757-692-1641
NBrown@monarchmtg.com

Rusty Parker
Towne Bank Mortgage
222 Mustang Trail
Va. Beach, VA 23452
Cell: 757-560-8661
Rusty.parker@townemortgage.us

Ben Temple
Old Virginia Mortgage
870 Greenbrier Circle, Suite 310
Chesapeake, VA 23320
Cell: 757-513-0904
ben@oldvam.com

Specifically regarding 2nd Opinions:
Rusty Parker at Towne Bank has a 2nd Opinion Program where just for seeking that 2nd Opinion he will give you a $100 Amex Giftcard. If he can do a better job, or not as good of a job, the $100 Amex Gift Card is yours, whether you do business with him or not.

Let me know how I can assist you,
Jonathan O’Connor
William E. Wood and Associates
222 Mustang Trail, Virginia Beach, VA 23452
757-373-9355

Licensed in Va.
0 votes Thank Flag Link Fri Nov 2, 2012
Good Morning,

Good question. That's the very first question to ask before looking into purchasing a home. I would recommend talking with a lender and getting a preapproval letter. It's free and you'll find out payments, price range, interest rates, etc. and what lending program will best fit your needs. Best of all it's free and can be done over the phone. Diana Glasier with Towne Bank Mortgage is a very knowledgeable loan officer and can walk you through the process. Her cell # is: (757) 409-6301. The next step is to find a knowledgeable Reatlor who can explain everything you need to know about the real estate buying process before you even get in a car and takes great care in finding you the perfect home to meet your criteria. Of course that would be me. Sharon Milligan, All Pro's Realty and my cell # is: (757) 270-8188 or email: sharonshomes@gmail.com.

Good luck in whatever you decide to do and God Bless.
Sharon
0 votes Thank Flag Link Fri Nov 2, 2012
In a nutshell the most professional answer you should get over and over is to contact a dependable loan officer. Here's why....
If you are asking this online, you would have to give answers to the unique questions such as: credit scores (which may affect interest rates, which in turn affects your payments), debt ratios, Taxes, Insurance and so on.
You can contat a local lender such as Lori Donnelly at http://www.LoriDonnelly.com or give her a call. Loan officers for the last 3-4 year have been licensed by the state. They will keep your information confidential. Shop around between Lori, Credit Unions and Banks. Compare apples to apples such as:
1. Interest Rates to Interest Rates
2. APR to APR
3. Terms to Terms
4. Discount Points to Discount Points
5. Origination Points to Origination Points
5. Admin fees to Admin fees (Check for junk fees)
If you are looking at homes while you are driving, or perhaps a particular neighborhood in mind, you can DOWNLOAD MY APP for smartphones called:
REAL ESTATE HAMPTON ROADS (Look for the big RE/MAX Balloon)
and you can see all the homes for sale wherever you are driving in Hampton Roads. Best of all you don't have to sign in!
If you have more questions please call or email me at 757-971-3574 or Carlos@CarlosCardo.com
This is one more reason REBAC (The National Real Estate Buyer's Agent Council) recommends that you get YOUR OWN representative. Have an agent work for you. Usually it is a $0 cost for you, the seller pays for your Buyer's Agent's fee anyway (When looking for buyer agents compare what fees they charge you such as admin or transactional fees, etc)! Buying a home is one of the biggest investments you will ever make, it is your responsibility to research and choose YOUR agent wisely.

Sincerely,
Carlos Cardo - USMC (RET), Assoc Broker
Accredited Buyer's Representative
Licensed in Virginia
Web Reference: http://CarlosCardo.com
0 votes Thank Flag Link Fri Nov 2, 2012
Hi. you need to seek the expertise of a local loan officer as recommended by Ekun. Income is not the only factor in determining your purchasing power. Debt-to-income ratio is a huge factor and employment history on top of the credit score.

Good Luck.
0 votes Thank Flag Link Fri Nov 2, 2012
It depends on other factors also like debt and credit and how long you have been at those jobs. I can have my loan officer give you a call. Email me ekunbaptiste@gmail.com.
0 votes Thank Flag Link Thu Nov 1, 2012
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