my husband makes about 60K yearly..and we can only afford to buy about a 150K home. how do the others guys he works with buy such lavish 250-300K homes?
are we figuring something out wrong?
2007-01-21 16:47:06 · 8 answers · asked by Jules 2 in Business & Finance ➔ Renting & Real Estate
Is your income being included in determining how much you are pre-approved for? If not, then perhaps the other guys your husband works with have wives how used their income in order to qualify for a more expensive home. Or maybe the other guys make more money than your husband. Or perhaps the other guys are up to their eyeballs in debt and facing foreclosure and/or bankruptcy right now.
Why do you have to have a more expensive house, just because the other guys do?? Be happy you're not in debt like they are!!
2007-01-21 18:52:01 · answer #1 · answered by Cheeky Realtor 3 · 0⤊ 0⤋
Down payment and credit have something to do with it. They may have investments they're cashing in, either thru stocks or 401K's. They may have sold a home and are using the profit to roll into the new one. They may have some "creative financing," such as those wonderful ARM's from a few years ago and now those homes are being foreclosed. They could have bought a foreclosure....you may try looking into that. It sounds like you don't live on the west coast.....no lavish homes out here for $250K.
2007-01-21 16:52:49 · answer #2 · answered by bundysmom 6 · 0⤊ 0⤋
Your husbands yearly income needs to be higher to buy a home in the $300,000 range. No bank would finance him for more than what you guys are looking at now.
2007-01-21 16:51:39 · answer #3 · answered by RiverGirl 7 · 0⤊ 0⤋
They either have BIG down payments or they're doing the "interest ONLY loan thing" where you actually pay RENT and not the actually pricncipal on the price of your home. That way you get a big home to live in paying rent and getting NONE of the benifits.
2007-01-21 16:57:49 · answer #4 · answered by Chrys 7 · 0⤊ 0⤋
My husband makes the same as yours...we just bought a house this summer for 275k but we had 20% to put down and stellar credit. Our total payment is about 2k per month.
2007-01-21 19:00:47 · answer #5 · answered by miztiffany 3 · 0⤊ 0⤋
maybe they have a bigger down payment. loan also depends on credit score... but usually u would get approved for 180... usually it's 3x the income. so, maybe you have other debts that the bank sees that your friends dont?
2007-01-21 16:50:59 · answer #6 · answered by angela 2 · 0⤊ 0⤋
Not all Real Estate is need a big deposit. Open this website www.rmmlmarketing.bravehost.com
Email: maylene_biz@yahoo.com.au
2007-01-21 19:35:14 · answer #7 · answered by Ging 1 · 0⤊ 0⤋
Credit, down payment and equity. Take a look at how equity works.
http://www.obre.state.il.us/CONSUMER/homeequity.pdf
2007-01-21 17:07:49 · answer #8 · answered by loveroffreedom 3 · 0⤊ 0⤋