can I buy a home on a 45K salary?

Asked by Taurus, 95051 Mon Apr 30, 2012

Anywhere in the south bay area?

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Gregorio Den…, , San Diego, CA
Tue May 1, 2012
Eun says:
"Need to bring 3% down payment. 2bed/2bath New Home, around $300,000.It is very good chance to have your home."
This is nonsense!

45K Salary = $3750 gross monthly income.

At 3.75% a 300K FHA payment would be around $2084.35 PITI; that's a 56% debt ratio.
If you are an agent pitching 56% debt ratios you seriously need to check yourself!
1 vote
Rich Iacovet…, , San Jose, CA
Tue May 1, 2012
It depends on if you have any liabilities. The bank will look at your total debt ratio. As long as your proposed housing payment, taxes and insurance don't exceed 45% of your gross income, you should be fine. I am in Santa Clara and can let you know within 10 minutes if you qualify. Feel comfortable calling me today (408) 249-1919. Rich
1 vote
THE SAID REO…, Agent, Cambrian Park, CA
Mon Sep 30, 2013
Certainly. The best place to start would be to get pre-approved for a home loan with a reputable Mortgage Lender or Broker. I specialize in 95051 and 95054 zip codes and feel free to reach out to me for a no obligation consultation at 408-209-8088
0 votes
Robert Lei, Agent, Cupertino, CA
Sun Jun 23, 2013
Hi Taurus,
Are you single or married? Does your wife work? Do you have kids?
You may qualify for down payment assistance and/or BMR homes.
0 votes
Ricky Ablaza, Agent, Milpitas, CA
Sat Dec 15, 2012
HI Taurus,

With a $45,000 annual salary you can afford a home of $296000. With an FHA loan you will only need 3% DP ($8880). Your monthly payment will be around $1500 / month. Depending on the area you wish to live in, it is very possible to purchase a home or condo.

Call me 408-316-0793 or email ( if you want to start the process.

0 votes
Michelle Car…, Agent, Coppertino, AL
Sat Dec 15, 2012
Yes, however it will either be a small, older 1 (maybe 2) Br condo, in need of upgrades and repairs, likely in Downtown SJ, Gilroy, Berryessa, Alum Rock or Story & King - or the Los Gatos mountains.

Citibank offers a specialty program for loans of under $417K with no private mortgage insurance and can be a 3.5% down payment with up to 3% being gift funds.

Feel comfortable calling me at 408-252-8900 for direct questions.
0 votes
Rich Homer, Agent, NAPLES, FL
Tue Nov 27, 2012
Your best bet is to contact a LOCAL Mortgage Broker at "Find a Pro" in the header of this website.
0 votes
Philip Cabral, Agent, San Jose, CA
Wed Nov 7, 2012
Of course. But, there are other factors you need to consider. The two most important of which are your current debt and how much of a down payment you have saved.

As an example, my daughter recently graduated from college, working and earning @ $45K salary, $20K in student loan debt, and $30K in savings and was able to qualify for a $250K loan.
0 votes
Axel Scheffl…, Home Buyer, San Jose, CA
Thu Aug 16, 2012
Reality check please!
What you can afford is not available. Search for a mortgage calculator and look what you can afford. It will be around $170,000 as maximum and there is nothing out here in the Bay Area that is that cheap.
Don't just look at the down payment, you will have closing cost and maintenance cost and no money left to have a sandwich in the evening.
0 votes
Andrea Wince…, Agent, Milpitas, CA
Tue May 1, 2012
I don't see why not unless you have a lot of debt. If you need assistance getting prequalified, please contact me through my Trulia profile. Kind regards.
0 votes
Hassan Sabba…, Agent, Campbell, CA
Tue May 1, 2012
It depends on your other debts. send me an e-mail for one hour free consulting. We will go through your paper work and credit report and we will calculate how much you would qualify.
Web Reference:
0 votes
Eun J. Kong, Agent, Santa Clara, CA
Tue May 1, 2012
City of Morgan Hill provide Down Payment assistant program with income restriction.I just help customer with 360K. Need to bring 3% down payment. 2bed/2bath New Home, around $300,000.It is very good chance to have your home.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue May 1, 2012
Good morning Taurus,

Depending on the consistency of that salary over the past 2 years, your manner of filing your Federal Income tax returns, along with the other fundamentals of mortgage qualifications, Income and Assets, you could probably be qualified. We don't just look at a salary and say, "Yay," or "Nay" to a mortgage qualification; a good Loan Officer looks at your entire qualification picture.

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes
Ricky Ablaza, Agent, Milpitas, CA
Tue May 1, 2012
Hi Taurus,

Yes you can. Call me 408-316-0793
0 votes
Gregorio Den…, , San Diego, CA
Mon Apr 30, 2012
There are some 700 to 900 sq ft condos that might fit, but 95051 is not the place to bee looking with your salary range otherwise.
0 votes
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