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re: House = (x)household income
Posted on 8/11/15 at 12:26 pm to KG6
Posted on 8/11/15 at 12:26 pm to KG6
quote:
If youre bringing in 400k as a family with no kids, I wouldnt even look at price tags. You can pretty much afford anything except those houses that really make you step back and say "damn thats got to be expensive" haha.
I would disagree with that. You will find that the realtor and broker guy are going to try to steer you to the highest priced house, especially if you give no guidelines. Tell them your max, and stick to it. If you tell them your income is 400k, expect to see 1M+ houses
and honestly you need 20% down to get a jumbo loan.
This post was edited on 8/11/15 at 12:28 pm
3
Posted on 8/11/15 at 1:01 pm to Hawkeye95
quote:at 400k with no kids, I think we are assuming they are saving a good bit of money.
If youre bringing in 400k as a family with no kids, I wouldnt even look at price tags. You can pretty much afford anything except those houses that really make you step back and say "damn thats got to be expensive" haha. I would disagree with that.
with 20% down you can basically afford anything
Posted on 8/11/15 at 1:33 pm to Hawkeye95
To me, anything much over 1MM is going to make me say "damn that's got to be expensive" 
I would feel very comfortable purchasing a 750k home with a stable 400k income.
Now I ran the numbers on a million dollar house w/ a 30 mortgage and it wasn't insanely expensive. But if you tack on my property tax rate of 8.1%, it was quite funny to see it skyrocket. I couldn't afford that on a 400k budget for sure. But could probably swing it in Louisiana
I would feel very comfortable purchasing a 750k home with a stable 400k income.
Now I ran the numbers on a million dollar house w/ a 30 mortgage and it wasn't insanely expensive. But if you tack on my property tax rate of 8.1%, it was quite funny to see it skyrocket. I couldn't afford that on a 400k budget for sure. But could probably swing it in Louisiana
Posted on 8/11/15 at 3:56 pm to Hawkeye95
quote:
and honestly you need 20% down to get a jumbo loan.
No you don't, not even regular guys like you and me.
And being a doctor, she can get 100% financing at a rate guys like you or me can't sniff for ridiculous amounts of $.
If you're making 400k, 1M isn't a very big number. With taxes and insurance where I live on today's rate with a 30 year on 1M financed your at 5,250/mo roughly. At 400k taxed at 35% still bring home 21.5k/mo. Leaves you 16k/mo for all your other endeavors. I could swing it.
Edit - That $5250.00includes taxes and insurance
This post was edited on 8/11/15 at 3:58 pm
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