Can I afford to buy?

Asked by Monica Mcdowell, Los Angeles, CA Thu Jan 31, 2013

I have a 600 credit rating earining 60K/yr gross with student loans payments each month. Is it possible for me to buy a Single Family home in the 100-200K range?

Help the community by answering this question:

+ web reference
Web reference:


Fred Glick’s answer
Fred Glick, Agent, Mountain View, CA
Thu Jan 31, 2013
Hi Monica,

You're getting close!

The credit score must be at least 620 until April 1st when the score jumps to 640.

Also, it will depend on the monthly payments for the student loans and any other debts along with the taxes on the home.

Best to talk to a mortgage person (yes, I can help)!

Good luck,


Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC

215.238.9400 East Coast
415.683.6950 West Coast

2043 Locust Street Phila, PA 19103 215.829.8850 x201
4354 Perlita Ave Los Angeles, CA 90039 310-741-7179

Licensed Real Estate Broker PA- U S Spaces, Inc.
Real Estate Broker, CA Dept of Real Estate DRE#01507615
NJ Licensed Real Estate Salesperson- U S Spaces

U S Loans Mortgage LLC #51022
Licensed by the Commonwealth of PA Department of Banking,
Virginia State Corporations Commission, License #MC-4943, State of Florida
California licensed with Signet Mortgage, NMLS# 168365, DRE#01403423
Personal Virginia Mortgage License #MLO-523VA
NMLS Test Certified National License #133975 for live rates and online mortgage application
Web Reference:
1 vote
Sona Gallatin, Agent, Santa Clarita, CA
Sat Feb 9, 2013
Based on what you described yes but you really need to talk to a lender and get pre approved first and then start looking in the north east or south east areas of Los Angeles to meet your price range.

Good luck
0 votes
Dorene Slavi…, Agent, Torrance, CA
Fri Feb 1, 2013
Hi Monica,
I would recommend you go to your bank and speak to a loan officer who would be best able to help you. From what I know, as a Realtor, your credit rating is too low and needs to be improved first.
0 votes
Donny Opoku, Agent, Ladera Heights, CA
Thu Jan 31, 2013
I believe the minimum banks are looking for is 640. I guess if you can build your score up a bit you would qualify.
0 votes
Christine Ma…, Agent, Reseda, CA
Thu Jan 31, 2013
As mentioned, the best person to speak with in detail about your financial situation is a mortgage representative. Even if you're not able to purchase now, they usually can give you some helpful tips on what you can do to prepare to purchase something in the future (i.e. savings tips, available local/state programs available etc).

Typically the bank you normally use is a good start, but only if it's a direct lender (i.e. Bank of America, Chase, Wells Fargo etc). It's good to establish a relationship with a loan officer (the bank's representative who would work with you during the mortgage application process) so make sure it's someone you feel comfortable with. They will look at your income and total debt obligation (along with how much you have saved for a down payment) before they'll be able to give you an answer as to how much you can afford.

Typical items they will need to review are 2 years tax returns and the past few months' paystubs to start. They usually will run your credit also to determine what loan program best suits your needs.

If you would like suggestions of some loan officers in your area, it is helpful to speak with a local real estate. They will have better insight as to what banks (and loan officers) they've had positive experiences with recently and point you in the right direction! It is still a great time to buy

Christine Markow
ERA Statewide Realty
Hillsborough, NJ
0 votes
Caroline Har…, Agent, Northridge, CA
Thu Jan 31, 2013
I would get the opinion of a professional loan broker. Call Bridgette 818-335-0283 ( for a free consultation. Any questions, let me know.
Caroline Harabedian
0 votes
carlos parra…, Other Pro, Monrovia, CA
Thu Jan 31, 2013
I think so, it depends on where you want to live, but the best thing to do is go speak to a banker. Have him qualify you to see how much money you can borrow. have you saved any money for a down payment?
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more