How much house can we afford with 65k a year? First time home buyers!

Asked by lisabrown1986, Dallas, TX Wed Nov 20, 2013

My father is wanted to sell his home that's worth 204k but is willing to sell it to us for 180k. I grew up in that house and can't imagine it being sold to anybody else. We have no credit cards or anything just a car loan that's 380 a month. Any help with VA loans? How much would we need to put down?We are first time home buyers so we are really new to this. Thank You.

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Dixon Wong, Agent, Dallas, TX
Thu Nov 21, 2013
Hi Lisa,

Most lenders have very strict requirements if you are buying a home from family member. Even when your Dad is selling it below market value.

I can connect you with my lenders if you would to give it a try.

1 vote
James Suhr, Agent, Arlington, TX
Tue Nov 26, 2013
If you are looking for a great lender to help you through this process I can help provide you with a few qualified professional lenders from different companies to help get multiple opinions to make sure you get the best rate around. Email me at I will be happy to answer any questions you might have.

Buy/sell through me and I'll move you for FREE*!!!

*some restrictions apply, contact me for details*
0 votes
John Lyng, , Dallas, TX
Sun Nov 24, 2013

Since you only have the one trade line open (the car loan) it may be tougher for you to get a bank loan since usually its required to have three open trade lines on credit. However, my program allows me to use alternative trade lines such as utility bills to establish a pay history.

My program also has no down payment like a VA loan, but there are also no closing costs, and no mortgage insurance either.

Based on the income you mentioned the debt ratio should not be a problem, but obviously we'd have to see everything to work toward an approval.

Contact me if you think I can be of help.

John Lyng
Mortgage Counselor - NMLS 280951
0 votes
Susie Kay, Agent, Dallas, TX
Fri Nov 22, 2013
I have a lender and mortgage advisor that you can talk to, give me a call at 469-371-2899.

Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Thu Nov 21, 2013
Contact any lender of your choice for real hard answers.
0 votes
Ed Marill, Agent, Manhattan Beach, CA
Thu Nov 21, 2013
I would recommend you go talk to 2 or 3 banks in your area and find out what they have to offer. They can explain all the different programs - conventional, VA, FHA, and help you decide what would work best in your situation. You can also get pre-approved by one of these lenders so you know exactly what you can afford.
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Jason Todd, Agent, Frisco, TX
Wed Nov 20, 2013
I work with VA clients regularly and have a great lender that specializes in VA loans. Email me and I will be happy to provide that information.
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Philip Watki…, Agent, Dallas, TX
Wed Nov 20, 2013
Whooo! Glad I got here in time! I hear your looking for an awesome Realtor that works with 1st time home buyers! BOOM! Here I am.... So 1st things first... the VA is 0 down! It's a pretty sweet deal. FHA is 3.5% but we can talk about all that craziness when you call me!

My number is (469) 855-9558 and it's always on! Unless it diesb/c I'm being awesome! ;) Look forward to hear from you'
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Andrew Smith, Agent, Addison, TX
Wed Nov 20, 2013
I have a great loan officer I can refer you to, just email and I will send you his information
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Dallas Texas, Agent, Dallas, TN
Wed Nov 20, 2013
Confused are you a veteran ?

If you are applying for a FHA or conventional loan be approx. 3.5% or more. However much more goes into than credit scores and down payment.

Contact my office Thursday
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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