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How much can you purchase with $100K income using a FHA Loan
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- čas přidán 29. 08. 2021
- If you make $100K year, how much home can you purchase using an FHA loan? Are you a first time home buyer wondering how much $100K year salary will get you with a home purchase? How does a lender determine how much you can afford to buy? How does the FHA loan compare to a conventional loan?
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Jeb Smith (huntington beach Realtor/orange county real estate)
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If you’re making 100k a year gross and your monthly house payment is close to $4,000.. that’s technically suicide.. Even if you make 200k a year.. 4K a month is too much. If you’re single and making a decent amount, the taxes they get from your paycheck is ridiculous esp here in California. 🤦🏻
And IBR will be comin' for that @$$ too at a salary of $100K. They don't call it "income based" for nothing.
Yeah it almost seems like his agenda is telling ppl it’s okay to stretch there budget. Just stick to the 30/30/ 3 rule guys. 300k home, 30 percent monthly rent, and have at least 90k in the bank. Do not go out there and try to buy a 700k home at 100k salary please.
@@IronMikeBison I really like your rule. Maybe $700K was used in the example because he is based in SoCal? It is difficult to find a $300K home that isn't rural or a foreclosure in CA. A 2 bed 1 bath house in my neighborhood averages around $650K, and these homes are from the 1940s. Condos in the area are $350-450K.
@@belindawilliams4915 yeah maybe for Cali, New York, and few other states. But I hope no one sees this from Texas and go out there and buy a 700k home off 100k salary. Lol.
Single man in nyc making over 100k since last year and they take sooo much. I put 16% in my 457 which leaves me with even less 😩😅 all that said I’m ok doing my part in taxs. Wish the rich would do the same
Always so helpful! I’d love to see the same exactly video, but with VA loans to be used for a dwelling and basement rental! Cheers!
Great easy to understand information! New subscriber :)
Thx your info is so useful! Fan from Boston
Great video 👍 would love to see one on jumbo loans.
🙏
I don't feel so bad now. My husband and I make about $110k/year together. A $410k home felt like it was a push for us lol I couldn't even imagine folks getting a $700k home! We figured since we both work in healthcare, we can always pick up extra shifts though. Our DTI is below 30% too. Thanks for the insight!
You're welcome, at the end of the day it comes down to what you're comfortable with even if you're able to get approved for that amount. Having a budget is key
You probably didn't get an fha I assume. I don't think there much ppl that make 100k plus with dti under 30 have a sub prime score. (Usually ppl go fha if score not there)
@@deltaXna My husband's score starting out was about 630 when we first started looking for homes. It's at about 680 now. I started around 700, now 720. We got approved through FHA because of our initial credit scores. We are currently building semi-custom, so we haven't locked in a rate yet. Hopefully it's much lower by the time we close. I figured we'd definitely have a lower rate through FHA, as opposed to conventional.
110k is nothing especially between the 2 lol broke people trying to buy homes smh
@@kingko6053bro what, Yeah Between the 2 I understand that. Because that's 60k + 50k that's weird. But 110k as a person alone? That's a lot of fucking money dude. You don't know how this stuff works you can live really well with that income. You can get a really good car and house with the proper spending and credit. This is upper middle class, this is the dream American salary, especially in this generation where prices are skyrocketing. Don't downplay 100k, You probably don't even make that cause you think it's nothing. And if you do you probably have the worst spending habits ever and don't manage your money so you always run out. That's on you 🤣, Only idiots live paycheck to paycheck with a 6 figure salary. It's not hard to live paycheck to check but with a 6 figures is crazy
Solid content
🙏🙏🙏
I just a VA loan on 500K+ with a rebate from the lender, I’m close to that but that value now has gone up 550K. I had no other bills. I’m in Mansfield, to.
Please do more videos/calculations on fha multifamily(triplex)units. Thx!
Idk why they use gross for calculating dti. Taxes are biotch!
Jeb, how is consistent and steady over time considered? If I work 30 days, a minimum of 20 of those days are comp or overtime. Is overtime part of your income?
No
helpful. Great content. the audio is pretty bad on this video tho....
If you pay off your credit card in full before the grace period every month, the lender doesn’t count that right since you’re paying it off in full each time just to get reward points?
The trick is don't pay it off entirely leave a few dollars in thr balance so it shows as a green light when credit reports process. A trick I learned from a creditor on a podcast.
No offense to his analysis but these numbers are an absurd indication of what we consider “home ownership “. 3%down. It’s perpetual renting from the bank with no room for a financial mishap that will always eventually come.
Hi Jeb. What about a conventional loan with less than 20%?
We will hang out selfs bro, because it will be no extra cash 💵 for absolutely nothing dude period
This is “real talk”. Not just hoping and praying for the market to crash.
Still hoping and praying for the market to crash. :)
@@timothyandrewnielsen me too 😩😩😩
What about 60,000???
I always thought it was house payment x 3. income needed
The average monthly student loan payment is nearly $400… especially for people making 100k per year. Not sure where you’re finding $100 per mo from. Also, after taxes, 401k, health insurance, car payment, car loan etc.
Wrong
if you make 100k a year, rent for cheap. save up serious cash for 10 years. then buy house all cash or pay a big down payment
You would be a damn fool to get a mortgage this high with 100k income
Actually not really. If you want to buy a house period in California u should consider around that amount and rent is very close to that figure as well
Yes really no matter where you are it's stupid
Please do an example with a high property and school tax area like NYC Metro, it would be a $300k-$400k house and $400k is pushing it to me.
unfortunately I don't know the tax rates, etc... in that area.
@@JebSmith got ya, put it like this a $700k house in my county that is 1.25 hours north of Manhattan the taxes are about $18k, average county tax rate is 2.63%.
Just for you?? Come on
@g-code3048 Hey, the worst he could say was no!
What kinda car you driving for $300 a month? It must have only 2 wheels!
Is this 100K excluding tax?
Only thing missing is FHA had max loan limits and the 2021 max limit is like $580K for major cities and $380K for rural areas
Actually it's over $800K in high costs areas.
@@JebSmith
See, that's what I get for living in the Tennesse country.
Thank you for correcting that info.
@@JebSmith How do I find out my limit in Temecula,CA?
@@JebSmith im buying a $1mil 3 family in NYC with FHA and i make about $110k
@@mritter3874 have you been approved? Are you living in one of the units? I'm 101k trying to do the same thing for a 900k in Illinois
Thank you for sharing I make a little over &100,000 this information helped me
Hi @lumengomcghee7035, it's great to hear that this information was beneficial for you! Making sound financial decisions is a lot easier when you're well informed. Feel free to delve into our other videos for more useful content! At your service if you ever need any advice or help. Thank you for your support!
Sure will thank you
Great content! Audio a lil rough 👎🏻
Yes, it sucked
@@JebSmith Yeah - but you don’t suck! I appreciate the information you pass on 🙂
Can you make videos for people that are self-employed
bought a house as self emplyed they typically require a tons of paper work ex 2yrs of bank statement for your entities and financial statement of the entity and etc
Factssssss
any chance you could do this video with a VA no money down loan?
Are you looking for it with 100K income?
@@JebSmith .. Yes sir.. I'm in New Mexico, only debt is 1 credit card $250/mo.
nice video but the sound quality is very sub par
It also depends on what type of lifestyle you want to live. Want a nice car? Nice clothes? Nice everything else??
Team Honda Civic!
Thats crazy because we make 200k and they barely approve us for 380k. Although i have a sht credit of 657
In today's market, a 650sqft dwelling.
This is why the housing market will crash in 2024-2025. Anyone that makes $100K and buys a $700K home is insane and is house poor and never able to retire or repair the home when it goes into disarray. FHA is going to be the cause of the next crash since they allow DTI ratios of 50%+. I am a landlord and I use 30% DTI as the largest DTI I will allow.
It will probably crash sooner then that! I make 100k a year and am starting to look at multifamily around 700k but I have another stream of revenue. There is no way I would be in the market without it.
Facts this is what turns 500k areas to become ghetto/ trash because they can not afford upkeep
That's 7x more than you earn lol smh
100k cant get me shit in new york
These imaginary clients of yours are about to be house poor 😅 my husband and I make over 100k combined. We have a conventional loan pre approval and a specifically asked for a certain amount to stay within our budget. Saving money was very important to us in the pre approval process because we value things like vacations and enjoying life. I can’t imagine having a 2000 mortgage. Based on our pre approval our mortgage would be under 1500 😅
😂😂😂
You obviously don’t live in California.
@@chuche721 would never live there. I live in the the mid west.
My car payments are $1500 lol
Damn y'all are broke lmao
This is more of what you will qualify for versus what you can afford video lol. I make 140 net and heck no I'm not buying a 700k house.
Can you do $160,000 a year next please?
And $250k next
Lol stupid people
First
🥇
You sure do dream big dreams. Your parents must be so proud.
@@ElearningDigest 😂
Great. Now remake this video with a 7% interest rate
I will!
Can you do $785,000/year next?
😂
You don't need a loan just save unless you're lying
Absolutely not..I make way more than that. I wouldn't dare purchase a house for more that $3000.00 Nope..Love your videos. I disagree 🙈👇
Smart woman
Sure you can afford it from your analysis. Just know that the person that does that won’t be able to buy food or eat. A mortgage of $4k on a 100k salary is way beyond stressful. Not good content.
Sorry you don't like the content but as I mentioned in the video if you actually watched it that it's important to make a budget so that you don't put yourself in a position where you can't afford groceries, etc
Forty percent of your gross income is too high. Buy a house for no more than 30 percent of your net income ( in payment terms). That will allow for repairs, emergency fund, retirement accounts, and the regular necessities such as food utilities etc.