AboutJessica Bryan Expertise buying and selling process such as: General questions from first time buyers How to market a home Why choose a REALTOR How do I find a REALTOR Should I consider buying or selling without a REALTOR--how much can I save Should I remodel or move How much can I expect to gain by fixing up my home before selling Helpful tips when selling Helpful tips when buying finding a good mortgage loan what is the difference between banks, mortgage bankers, and mortgage brokers Questions from the general public, people thinking about getting their real estate license, newly licensed. Fellow professionals who have interests in networking and how to get started What is a market evaluation and how does it differ from an appraisal what are the different loan programs services a REALTOR can perform when to use a lawyer when to use escrow what are the regional differences in the buying and selling process what is the MLS and how does it work how can the layman access information on the web--listings and other information These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
Question I live in Florida and am 37 years old. I make $17.00 an hour and have a fiance that makes $14.00 an hour. We currently rent a 3 bedroom apartment for $950.00 a month. Our intention is to move into a bigger place next January since we are expecting a new baby. We would like to buy a 4 bedroom home. Looking at the information on the Internet is making us think that we will not qualify for a loan that we can afford. We will only have about $5000 cash on hand. The payment we think we could afford monthly is $1300. The price of a 4 bedroom home in our area is $200,000. Using a mortgage calculator we come up with $1500 a month due to the $5000 down payment factor. Is there something we are missing? There must be a way to buy a home with the money we make. We see people in homes that do not appear to be more financially solvent than we are. Please help.
Answer Dear Roy;
The rule of thumb is that you should make house payments (principal and interest) of no more than 25 percent of your combined monthly income. Your total payment including taxes and insurance shouldn't be more than about 33 percent of your total income. With lenders getting very careful about loans right now, it is virtually impossible to obtain a loan if there is any risk involved to the lender. They have done away with quite a bit of the programs that got first time buyers into homes and are far less lenient with the loans they are making. You must exhibit that you are a good risk. I suggest that you talk to a lender and get pre-qualified. Find out which program suits you and how much the bank says you can afford. This will, of course take into account things such as payment history, credit, and income as well as existing debts.
