Home Buying in Sugar Land>Question Details

J C, Home Buyer in Houston, TX

Can I buy a home on a new 80K job with 1000/ month student loan payment and husband in school?

Asked by J C, Houston, TX Wed Feb 2, 2011

Just started work July 2010 with projected net income 80 K annual. Have 40 K ready for down...should have more by december 2011 when I plan on buying. I have really good credit history. Husband is in grad school and so its a one income family (no kids yet).

When should I start looking. What are the first steps to getting approved? Are foreclosures an option for me? What range of homes should I be looking at. I need to able to sell this home fast (4 - 5 yrs)

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Answers

8
JC - I agree with the rest of the answers. The lenders will look at your debt to income ratio and make a determination. Ususallly they want a 2 year work history but it sounds like you just got out of school so that should be sufficient. I would work backwards on this meaning get pre-qualified based on your income and debt and then you will have a good idea of what you can spend. Please be conservative in your numbers as interest rates are expected to rise this year. If you need a good Houston Realtor to help you please let me know.
Web Reference: http://www.ourfirstnest.com
0 votes Thank Flag Link Thu Feb 3, 2011
Price range of a home is governed by amount of lender approval.

You would be required 2 year employment history

Direct Link hope this helps

http://www.lynn911.com/Web/AR287090/CustomContent/index/5046766

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 3, 2011
J C,
More information is needed to give you the right answer, drop me an email or give me a call.
Don Turner, GRI
713-478-1121
don@donturner.com
0 votes Thank Flag Link Thu Feb 3, 2011
My Colleague gave you great advice talk to a Finance person first, there are a lot of factors that go into qualifying for a home loan. I have worked with Net Work Funding and find them to be honest, professional and great communicators so much so that I referred family to them. (Also a first time home buyer 25yrs old). (Linda Simmons linda.simmons@nflp.com 281-748-5109or Dale Branch dalebranch1018@yahoo.com 281-728-5421). there is a pre-qualify application on line at http://www.networkfunding.com there is no obligation and these guys will take care of you. Once know your range we will sit down and write out your must haves (needs) and your want to have (desires) and what are deal breakers. At that point I can start narrowing down neighbors that fit those. I have sold houses from Richmond to Conroe and personally lived in several different areas of Houston. I'm passionate about the great things Fort Bend County has to offer. I keep my self educated on up coming changes that effect the market so you get the best home for your needs.

Mitch Rainey Keller Williams Realty
1650 Sugar Land TX.
Mitch@mitchelrainey.com
cell# 281-935-1165.
Web Reference: http://mitchrainey.com
0 votes Thank Flag Link Thu Feb 3, 2011
Sounds promising. You should check with Patricia Ahmad, pahamd@houseloan.com, to verify job history requirements. I am almost certain only one year is required, but check.
For your house hunt, you should first investigate different areas. I can help you narrow down your search once you have determined a price range that is comforable. I will also help you make a wise choice when it comes to which area that will have a better chance for appreciation. I am an expert in Sugar Land and know the good and the bad of all neighborhoods.
Sugar Land has a lot of offer and I look forward to helping you.

Cathy Stubbs, RE/MAX Southwest
info@cathystubbs.com
Web Reference: http://www.cathystubbs.com
0 votes Thank Flag Link Thu Feb 3, 2011
JC,
It sounds entirely feasable for you to buy a home. Basically the lender is going to limit your homebuying dollars so that the payment plus any other debts don't exceed a certain portion of your income. Debt to income ratio is what this is called and it can vary from lender to lender (usually around 45% of gross income). The $1000 student loan payment will come out of that, any car payments or other monthly obligations and that will be the guideline for what you can borrow. Your husband not having an income really isn't a factor as your income will be counted. Get with a good lender and they will go into more detail and guide you well. If you want a good lender I can provide some names so don't hesitate to get with me on this.
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Thu Feb 3, 2011
Talk with a local lender, if you don't know where to begin start with your local bank. A "good" lender will explain how much you can qualify for and what you can do to work o. It.

Best of luck.
0 votes Thank Flag Link Wed Feb 2, 2011
Let me know if you want to buy owner finance .please call me at 713-550-2862 or e-mail at charlieco6@yahoo.com
0 votes Thank Flag Link Wed Feb 2, 2011
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