Tag Archive for: income

What Salary Do You Need To Afford A $400,000 Dollar Home?

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Are you a first-time homebuyer feeling overwhelmed by the thought of purchasing a $400,000 home? Don’t worry, you’re not alone. Many individuals find themselves in the same situation, unsure of […]Read More

How Much House Can I Afford? A Guide to Home Buying

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Wondering how much house you can afford? Dive into our comprehensive guide covering everything from mortgage basics and down payments to credit scores and debt-to-income ratios. Gain the knowledge you need for a confident and informed home purchase journey.Read More

How Much Income Do You Need To Buy A $1 Million Dollar Home

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The subject line for my blog is a common topic that lenders use for consumer blogs for search engine optimization (or “SEO” - or an entity’s efforts to draw readers to its website). And, here is the answer to the question: You need anywhere from $100,000 to $300,000 in income to buy a $1 million dollar home right now.Read More

No Income Verification Mortgage: No Job? No Problem

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A no income verification mortgage is exactly as it sounds – a loan for which you don't need to prove your income. It's an ideal option for potential homeowners who can't document their income in the traditional way.Read More

How Much Income Is Needed to Buy A Home?

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If it is your first time purchasing a home, one of the first questions you probably have is “how can I qualify to buy a house?” or “what can I afford to spend on a house ?” There is no single answer to this question. It depends person to person and is based on your specific financial circumstances.Read More

How Much Income Do You Need to Buy a House?

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When starting on your homebuying journey, most often homebuyers wonder about the cost, what they can afford, and how much income is needed to purchase a home. There are many different factors and calculations that we've broken down to help explain how much income is needed to buy a home. Read More

Income Needed to Buy $450,000 and $1 Million Homes?

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Per a request from an agent, here are some estimates of the income necessary to buy a $1 million home in California and a $450,000 home in Texas. We made some very conservative assumptions too, so it is important to remember that the numbers below are just estimates – as rates, property taxes, consumer debt levels, and loan program requirements will vary.Read More

Change Jobs, Lose Bonus Income & LOSE HOUSE!

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It is usually 100% OK to change jobs at any time IF … borrowers are NOT dependent upon bonus, overtime or commission income to qualify. If, however, borrowers are dependent […]Read More

Understanding Your Debt-To-Income (DTI) Ratio in Dallas

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Lenders use a debt-to-income (DTI) ratio to determine how much income a borrower needs to fund their purchase or qualify for financing. Most lenders in Dallas, Texas, recommend that borrowers stay within a 45% - 50% DTI limit.Read More

Income Continuance – Three Years Is All We Ask

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When my dog Kevin was issuing pre-approvals based on Desktop Underwriting (DU) findings only, one of his biggest mistakes was not verifying “Income Continuance.” Income Continuance Lenders cannot use Child […]Read More

How Much Income Do California Borrowers Need To Purchase A House or Condo?

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California borrowers often have questions about what income they need to purchase a house or condo. Lenders use a debt-to-income (DTI) ratio to determine how much income a borrower needs […]Read More

What Will $75,000 and $100,000 In Income Buy?

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Many renters don’t realize how much house their income will buy in this environment, when rates are so low. We often maximize buyer’s qualification by having them use their savings […]Read More

After Job Gap/Time Off – Need 6 Months Back On Job

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We have many borrowers returning to work after extended periods of time off. We often see borrowers leave their jobs to work in other fields, or to take time off […]Read More