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Buying or Selling a Home/Loan
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Question
QUESTION: Hi,
How much income annually do I need to borrow a $300,000 loan? I want to own a home at $300,000 with an annual salary of $30,000. Is this income enough yet? Thanks!
ANSWER: Hi Henry,
In order to qualify for a $300,000 loan you will need approximately $90,000 in annual salary. On an annual income of $30,000 you would currently qualify for about a $70,000 loan as long as you don't have more than $200 in other monthly debt (car payments, credit cards, etc.)
Hope that helps!
---------- FOLLOW-UP ----------
QUESTION: So, I can own a $300,000 home yet. Can I loan from more than one sources? thanks!
Hi Henry, the banks want to make sure you can afford your monthly housing payment and still have money left over to pay your other bills for food, utilities, etc. You can obtain financing from more than one bank to purchase a home (first and second mortgages) but you would have to qualify for the total payment. The monthly payment on a $300,000 loan is going to be about $2300 per month with taxes and insurance based on a typical 30 year fixed rate loan at 6.5% and with annual taxes of about $3,000. Right now the banks will only be willing to lend you about $70,000 total on a home purchase. (Assuming good credit as well.) Usually they figure your monthly housing bill should not exceed more than about 25% of your monthly income.
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Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
Las
Vegas Real Estate
Las
Vegas Condos
Henderson Real Estate
Las
Vegas Golf Course Homes
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