Can I still get a home loan to purchase a house in San Marcos?

This is a question I get often in the real estate business as a Realtor.

The answer is yes!

Loans are still there and are obtainable!

The free doling out of money has stopped, however home loans to qualified home purchasers have not.

Bottom line, if you make $60,000 a year you are not going to be able to qualify for a million dollar home loan.
Sorry but that is just how it is.

Here is the break down:

Your monthly mortgage payment can’t be more then about 35% of your gross monthly income
and your total debt payments (home, cars, credit cards, ect) can not be more then 50% of your total monthly gross income.

you will need to factor in that for about every $100,000 financed it is about $550 a month in a monthly mortgage payment at a 5% interest rate.

Lets do the math:

if your gross monthly house hold income before taxes is $10,000
that means you can qualify for a home loan of approximately $3,500
and you can not have more then $1,500 in car, credit card and other monthly debt payments

If you make around $120,000 a year you can qualify for a home loan or mortgage of approximately $630,000

For more information on home buying or home selling information for Carlsbad real estate, Encinitas real estate, Solana Beach real estate, Del Mar real estate, Oceanside real estate, Vista real estate, San Marcos real estate and surrounding areas?

Please feel free to contact me!

Cheers,
James Baxter
REALTOR
NSDCAR, NVSI-BPO
Richard Realty Group, inc
5411 Avenida Encinas Suite 110
Carlsbad Ca. 92008
760-271-9971 Direct
760-942-9398 Fax
james@BaxterCo.com
www.JamesBaxterHomes.com

If you know of some one that is looking to buy or sell a home, give me a call, text or e-mail

“Average is what anybody can do. Excellence is what I strive for.”

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