Tag Archive for: income

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 used $1 million for California because that is close to the median home price in all too many towns and cities (and interestingly, it is much […]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 upon bonus, overtime or commission income to qualify for a loan (very common in today’s world), changing jobs can be a deal killer! This is […]Read More

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

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Dallas borrowers often have questions about how much 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 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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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 to pay off consumer debt and put less down. For example, paying off debts that total $700 in monthly payments can increase a borrower’s purchasing […]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 altogether (to take a break, raise kids, etc). When borrowers return to a W2, salaried position after an extended break of one year or more, […]Read More