Welcome to the leftist global reset, where those in power remain rich while the middle class disappears into a communist economy with higher taxes, crippled supply chains (building materials) and "free money" (less workers) FJ
140k condo making 15 an hour in 2020 so about 28-29k a year. Now I'm making 21.75 so 42.5k and my home has increased 80k in value. Was a great buy. I had zero debt so that's why I was able to pull it off
Wow you sound like me, I bought my town home back in 2017 for 90,000, while only making 13.50 an hour now my house is worth nearly 180,000 great Investment!!
Someone making 50k a year paying $1,900 a month mortgage is insane. I make 80k a year and I can barley afford the $2,030 monthly payment on the condo I just bought. Please before you assume you can afford the maximum amount the bank will lend you make a list of all you're typical expenses and add them up. You will see that if you take the maximum loan the bank will give you then you will have to cut back in alot of other areas and even after drastic cutbacks you still won't save anything. I work in construction and occasionally there are a few months without, I have found if I save 10% of my gross pay I can get through these tough times, If my payment was any higher than it is I would not be saving 10% and would likely lose the condo in the next downturn.
damn that is a lot. Mine is a bit more reasonable$1500 before hoa fees. Even that is feel is high but its not as high as the rents around here and factor in all that damn moving I was doing year after year. I am actually saving. I didn't do my calculations on gross income like they did. I looked at my net income and knew based off that and my revolving debt and basic expenses what I could afford and still be able to save money.
Progressive23, excellent comment. Also, things can happen like hours being cut back or illness. Then suddenly. especially with a maxed out house payment, there goes the house. With the inflation in prices for a lot if basic items like meat, gas, household goods, plus taxes and fees( in California) who knows what your future budget will be???
If you can't afford $2030 monthly payment, then you must either have a family with one than one child and/or a non-working spouse or you must be spending your money at restaurants, bars, goofing off with friends, traveling, etc.
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com Interested in a FHA Loan - NEW FHA Loan Requirements - First Time Home Buyer - FHA Loan 2023 - ruclips.net/video/dmuCCC0WCcg/видео.html Also, I misspoke a few times when discussing numbers. I went back and tried to edit after the fact and wondering if it's confusing to the video? Should I re-record?
I see adverts for jobs at 15 an hour in ATL. House's over 400k in the cheap burbs. They are looking for a degree and year's of experience with that. I'm seeing corporate companies advertising jobs of half the salary they were last year
It is kind of scary that someone who doesn't do self budgeting calculations could very well end up being qualified and approved for a loan and go through the purchase only to realize later that they can't afford the payment.
@Storytime with Mamabear not sure why you left out things like regulation, high taxes, illegals flowing in unchecked, CA closing down almost all mental health institutions, etc. Because greedy landlords have to pay mortgages too, you know? Not sure how lenders are greedy, is it that they want you to pay back the money you borrowed and agreed to repay? Also not sure what you mean by Toxic wealth. There are super wealthy people/entities everywhere, even in communist/socialist countries. The US is the only place where this shouldn't be an obstacle to you getting ahead.
@Storytime with Mamabear i have no idea where you are coming from with these statements. The rich people on average give much more to charities than any government ever does. Also rich people usually also create more jobs. I am not one of them, but I feel like you are slapping labels on anyone that becomes successful at earning money, and for some reason you are super concerned with what other people make/have rather than focusing on advocating for everyone else to make good decisions, work hard and live a comfortable life. Being from the former USSR, I can tell you that when the war on the rich ends everyone (outside of the controlling/government class) will be poor.
I am about 20K more and I still felt like I went over my budget. It's all good as I can manage it and have some savings left. It was either do it now or not to be able to do it ever in this market. This video was a bit depressing. Keep hope alive. At some point if you want a place badly enough you will get something.
Purchased my home for 185 when I was making about 80k. Mortgage was 900 but out the door (tax, insurance, mortgage insurance) was $1200. It was ok. Wasn't house poor but after taxes and retirement contribution on my pay check I wasn't rich either.
I’m in CA 50k/yr. Just started working with a lender. I am self employed with a great CPA. But because he is so good at what he does it makes it very hard to qualify.
Facts. They will want to see tax returns and bank statements as well. Its very challenging being an entrepreneur and applying for a home loan that's above your means, especially if you earn under the national average
I'd say 3-6 months to be safe. 6 months could end up costing you the entire six months if you found a good deal and waited until you had a few more months of reserves. Then there's also those like me who pays $1655/month on rent when a 400k house here costs me roughly $1745 on the mortgage+property tax+insurance. Literally the moment I rent out one room, it offsets the house monthly to below the rent monthly. Even if I had zero tenants, at least not the entire $1655 portion will be thrown into the void but most of the $1745 will be towards building equity aka investing back into myself.
I make 65k a year and have a 770 credit score, planning on putting down 20k with no closing cost since I work for a real estate attorney. Wish me luck 🤞🏼
Hi! When selecting a lender to start this process are there things I should be looking for? What makes one lender better than the other or do they all pretty much offer the same services? I know you offer assistance with referrals but I was just curious. And when you say lender… is that the same as a loan officer? Love your videos! Very informative for a newbie. Thank you
Yes, lender is same as loan officer but I should be saying "mortgage professional or mortgage expert". Communication, experience, knowledge in addition to rates/fees.
The rate of home ownership is directly related to crime rates. The higher the home ownership, the less crime. So then it behooves a society to ensure that there are more home ownership than not.
How much down payment do you have? If you have more than 10% then conventional is likely the best option. If not, FHA may be the way to go. Get your lender to give you a side/side comparison.
'if you make $50k in California and are worried that you can't buy a house in that market, don't worry. I'm going to make another video for people that have a higher income.' Wtf?
I feel a lot better now. Haha. I make about 48,000-50k a year. I was actually looking at buying a 250,000ishk house. My bills are about…$900 a month! I think I can definitely afford it….I hope….
A really simple calculation is that a buyer should never take on a mortgage where the monthly payment is more than 25% of take home pay. This puts someone earning $50,000 right around $185,000 to $200,000 as a max, which is also 4x yearly income. So in California or Western Washington, to afford a $1.3 million mortgage somewhere far off from the big city, the buyer would need to make a minimum of $325,000 per year. If the buyer cannot afford it, then the buyer should move where it’s cheaper to live, end of story.
@@5guysproduction234 well, I can say $180k base average per spouse for a couple is common here, and that’s what drives the demand since they are willing to max out what they can borrow to get a loan on a house. You can look up four bedroom houses in Issaquah, Sammamish, or Bellevue in Washington State on Zillow to get an idea of the prices. I would prefer not to share our income, but I can say it’s pretty much game over for anyone below the $325k income threshold who wants to raise a family in a good area with decent schools. I would say that’s about equivalent to what $60,000 used to be in 1998. People can live comfortably on $500k/year at the moment, so that’s about what $100k/year was in 1998. These comparisons are about in line with similar comparisons regarding the price of gold. There are some crime-ridden areas further out where houses can be had for maybe $600,000 to $1MM. I wouldn’t roam around those areas without carrying, though. If one heads out where it’s maybe a two-hour or longer commute, maybe a deal can be found. That’s just the reality.
I was with you up to “move where it’s cheaper”. Everyone can’t just pick up and move. For example my job dictates where I live and I can’t just quit whenever I want because I’m under contract but I hear you.
@@kayw1771 people interview in other parts of the country with the understanding that they intend to move there for the job, relocating once they get their one or more job offers. I would not recommend moving first and then finding a job second, so it’s a good point. Unless you are in the military, you should be able to do something similar. Some people decide to start a business with the intent to earn enough to cover the cost of living. It often starts as a side business and turns into something bigger. Really, those people will be the ones most likely to stay in the area as people do not want to earn well into the six figures and still live in a little apartment or in a bad part of town. I made an ultimatum with my wife to move if we could not earn enough to buy our next house and she moved fast re-entering the workforce and starting a company, I’ll just say that. Leaving her family was her motivator. So if there’s a will, there’s a way.
That's what I did. I moved out of Orange County in 1990 to the Seattle area to buy a house, & again I moved out of Orange County in 2021 to the Phoenix area to buy a house. I have no home loan since I have no income. I got laid off in 2008 & gave up looking after 4 or 5 years.
I am refinancing. But each time the mortgage company sends me new paperwork, the closing costs increases and how much I am supposed to get back is lower. Why is this happening? Should I just remove the money I'm getting back? How much do you think that people should take out for a refinance?
When I researched these programs in the past, they will charge you a higher interest rate and want a smaller debit to income ratio. I decided to wait and save on my own. Do your research to see if it works for you. Also, the escrow can take longer to process. I'm closing on my first home next month.
Jeb! A number I’ll never forget: “One thousand nine hundred twenty four” Haha! All jokes aside. Looking forward to seeing other evaluations based on different income levels. What percentage do you see in your client base stretch budget who plan to rent out a room or room(s)? With high COL the house hacking route seems popular. Is this maybe a topic you bring to your clients to push toward more expensive housing or sway affordability?
@@JebSmith I don't understand what is going on? What was wrong with the number "One thousand nine hundred twenty four”?? Was it wrong? Which part? Why? I am confused after reading the comments.
I make 51k yearly, bought my home this year for $148,000, the only debt I have is is student loans. There were some sellers that refused to accept an FHA offer but I was able to find a nice home that was FHA was approved. I do live in Tennessee which helps… but, it is possible!
This is why you NEED to have a licensed loan officer or lender to review your situation. It can get very complicated real quick! Thanks for the video. Talk to a lender. They are not going to charge you anything. We basically work for free until a transaction is closed.
I'm a single guy making this much, bought a 3BR, and rented the other rooms. My mortgage was just $300 more than I was paying in rent before, so they were pretty sure I could afford it.
This makes me sad 😔 someone doing it all by themselves making under 50k seems like too much to afford not including food, gas and recurring monthly bills 😫 I don't know how folks do it these days. I would say good careers or some Ppl may shack up just for the joint financial help 🤷♀️ 😂⁉️ There's always the pole 🤣🤣🤣 just joking 💯❗️
@2:48 - lol, wtf? If you need to spice in new segments, do it in an intentional classy way, not like this. Just say "after recording, I updated the amounts... etc". Be transparent about it, not like this, just seems sketchy & amateur. (I know you may know better now since this was a year ago. Also, thanks for this content!)
@@rp1268 I can only speak for Mississippi but most of those things you listed are cheaper. Gas in California is $5 a gallon while it’s $2 and some change here buddy
On that salary in the current Market ? You can get a very nice 2 Bedroom Tent and nice sleeping bags .
I agreed with you 👍👍👍
Welcome to the leftist global reset, where those in power remain rich while the middle class disappears into a communist economy with higher taxes, crippled supply chains (building materials) and "free money" (less workers)
FJ
🤣🤣right!!
:( wow..so no hope?
@@jejoko how can we know if the massive wealth transfer upwards is caused by leftism or capitalism?
Two years later and house prices are still bananas. 🍌
140k condo making 15 an hour in 2020 so about 28-29k a year. Now I'm making 21.75 so 42.5k and my home has increased 80k in value. Was a great buy. I had zero debt so that's why I was able to pull it off
Wow you sound like me, I bought my town home back in 2017 for 90,000, while only making 13.50 an hour now my house is worth nearly 180,000 great Investment!!
People don’t realize that this is possible. Eliminate debt and you have way more wiggle room on a mortgage.
What about hoa bs...
@@ricky4673 where I live no hoa.
@@steviecoleman9260 where do you live??? 90k townhouse ?
Someone making 50k a year paying $1,900 a month mortgage is insane. I make 80k a year and I can barley afford the $2,030 monthly payment on the condo I just bought. Please before you assume you can afford the maximum amount the bank will lend you make a list of all you're typical expenses and add them up. You will see that if you take the maximum loan the bank will give you then you will have to cut back in alot of other areas and even after drastic cutbacks you still won't save anything. I work in construction and occasionally there are a few months without, I have found if I save 10% of my gross pay I can get through these tough times, If my payment was any higher than it is I would not be saving 10% and would likely lose the condo in the next downturn.
damn that is a lot. Mine is a bit more reasonable$1500 before hoa fees. Even that is feel is high but its not as high as the rents around here and factor in all that damn moving I was doing year after year. I am actually saving. I didn't do my calculations on gross income like they did. I looked at my net income and knew based off that and my revolving debt and basic expenses what I could afford and still be able to save money.
Progressive23, excellent comment. Also, things can happen like hours being cut back or illness. Then suddenly. especially with a maxed out house payment, there goes the house. With the inflation in prices for a lot if basic items like meat, gas, household goods, plus taxes and fees( in California) who knows what your future budget will be???
I make that and wouldn’t dare do 2k/mo I’m complaining about my almost 1400/mo. Sorry you’re going through that but it’ll pay off in the future.
I’m also in NC tho so I’m sure that def makes a difference.
If you can't afford $2030 monthly payment, then you must either have a family with one than one child and/or a non-working spouse or you must be spending your money at restaurants, bars, goofing off with friends, traveling, etc.
I’ve been in my house for 10+ years and I’m not moving. I’m staying. Got rid of the MIP and I’m not selling in this crazy market.
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - www.becominghomewise.com
Interested in a FHA Loan - NEW FHA Loan Requirements - First Time Home Buyer - FHA Loan 2023 - ruclips.net/video/dmuCCC0WCcg/видео.html
Also, I misspoke a few times when discussing numbers. I went back and tried to edit after the fact and wondering if it's confusing to the video? Should I re-record?
No need. I get the gist of it. Thanks for all you do :)
It’s ok I got the idea! Thanks for the video
You can use credit card in case of emergency… while you invest with your money
But be responsible how to use the credit card or you are be dead…
Great info, but I prefer to save money and do conventional, I hate PMI the same as HOA,
Hi,we really need your help sir.
If by a tent, with the other homeless people in CA, you can afford a nice tent.
Nice joke. California has become a joke. So sad. I hope it comes back. 😭
probably they will charge the tent soon too (100K per tent- small ten- twin size bed size)
I see adverts for jobs at 15 an hour in ATL. House's over 400k in the cheap burbs. They are looking for a degree and year's of experience with that. I'm seeing corporate companies advertising jobs of half the salary they were last year
It is kind of scary that someone who doesn't do self budgeting calculations could very well end up being qualified and approved for a loan and go through the purchase only to realize later that they can't afford the payment.
Tell me about it...............the one thing they should teach in schools is how to properly budget.
I bought a 17k travel trailer lol
@@justinlugo1661 I bet you can afford it then.
@Storytime with Mamabear not sure why you left out things like regulation, high taxes, illegals flowing in unchecked, CA closing down almost all mental health institutions, etc. Because greedy landlords have to pay mortgages too, you know? Not sure how lenders are greedy, is it that they want you to pay back the money you borrowed and agreed to repay? Also not sure what you mean by Toxic wealth. There are super wealthy people/entities everywhere, even in communist/socialist countries. The US is the only place where this shouldn't be an obstacle to you getting ahead.
@Storytime with Mamabear i have no idea where you are coming from with these statements. The rich people on average give much more to charities than any government ever does. Also rich people usually also create more jobs. I am not one of them, but I feel like you are slapping labels on anyone that becomes successful at earning money, and for some reason you are super concerned with what other people make/have rather than focusing on advocating for everyone else to make good decisions, work hard and live a comfortable life. Being from the former USSR, I can tell you that when the war on the rich ends everyone (outside of the controlling/government class) will be poor.
I am about 20K more and I still felt like I went over my budget. It's all good as I can manage it and have some savings left. It was either do it now or not to be able to do it ever in this market. This video was a bit depressing. Keep hope alive. At some point if you want a place badly enough you will get something.
Understood. Congrats on being a homeowner 👍
You can buy a nice tent in the skid row for 50k.
I really enjoy 😉 your program I learn a lot your from programming
🙏🙏🙏
you should make an updated version of this video now that interest rates are through the roof and house prices are awful
Purchased my home for 185 when I was making about 80k. Mortgage was 900 but out the door (tax, insurance, mortgage insurance) was $1200. It was ok. Wasn't house poor but after taxes and retirement contribution on my pay check I wasn't rich either.
That's very inexpensive considering. Especially with $80k/yr income. You're better off than 99% of people.
Yet my husband and I can afford $1550 rent but can’t afford $1200 mortgage 😂😂😂
Lol
How much did you put down though?
@@prettykitty5416 Around 10k I think. It was an FHA loan but a bunch of closing fees etc. So around 10k
Your helping so much! Thanks man seriously!
Before I got laid off in 2008, I was making about 50k per year. & I don't even think my net pay was $2,000 per month.
Can you start doing videos like this with out debts.. not everyone has debts.. I don't and I'm trying to calculate
How bout you use google
Perfect explanation and very informative video . Thank you
I’m in CA 50k/yr. Just started working with a lender. I am self employed with a great CPA. But because he is so good at what he does it makes it very hard to qualify.
That's the catch being self employed, unfortunately
Bank Statement Mortgage is an option
50k a year In Cali ?? You can’t buy anything lol 50k a year in Atlanta and you’d be in a bad part of town .
@@kannonpatterson there are a lot of condos in California. He’ll be in something with palm trees he’ll be fine.
Facts. They will want to see tax returns and bank statements as well. Its very challenging being an entrepreneur and applying for a home loan that's above your means, especially if you earn under the national average
$1933 mo cheaper than rent in calif but where are the $350k homes, desert drive 2 hour to work
I was think the same thing… a.3 bedroom is 2500 a month in south Jersey.
with 350k i can't even afford a parking spot in new york
Move?
Tell me abt it 😅
Nah stay where he's at
Great series you starting. Look forward to other examples, other loan types. Conventional 97.
Appreciate it. FHA actually works out to a lower payment than conventional.
Dont forget to have at least 6 months worth of reserves before you do anything
💪
12....lol
Sounds good and I agree, but unrealistic for most.
@@SoSaysYou it was a joke....
I'd say 3-6 months to be safe. 6 months could end up costing you the entire six months if you found a good deal and waited until you had a few more months of reserves. Then there's also those like me who pays $1655/month on rent when a 400k house here costs me roughly $1745 on the mortgage+property tax+insurance. Literally the moment I rent out one room, it offsets the house monthly to below the rent monthly. Even if I had zero tenants, at least not the entire $1655 portion will be thrown into the void but most of the $1745 will be towards building equity aka investing back into myself.
Where can I get a 2.25% rate??
jebsmith.net/referral
Good luck.
Does this model also assume credit is 680 or higher?
I make 65k a year and have a 770 credit score, planning on putting down 20k with no closing cost since I work for a real estate attorney. Wish me luck 🤞🏼
Hi! When selecting a lender to start this process are there things I should be looking for? What makes one lender better than the other or do they all pretty much offer the same services? I know you offer assistance with referrals but I was just curious. And when you say lender… is that the same as a loan officer?
Love your videos! Very informative for a newbie. Thank you
Yes, lender is same as loan officer but I should be saying "mortgage professional or mortgage expert". Communication, experience, knowledge in addition to rates/fees.
Thank you so much!!! Your content is amazing 💫💫😇
Thank you so much!
2.25%? how old is this?
The rate of home ownership is directly related to crime rates.
The higher the home ownership, the less crime.
So then it behooves a society to ensure that there are more home ownership than not.
This was very informative!👍🏾
Is it possible to have this on an excel sheet 🤔
Something is wrong with my phone, or your audio 😀
Its possible in that video, sorry
Great advice thank you for educating us all.
“ONE THOUSAND NINE HUNDRED AND TWENTY FOUR DOLL-“ 😂😂😂
Question: what if im putting 10% down on FHA? Do i still need to do the UFMIP and the monthly MI?
Use the 3.5 down and refinance to conventional after a year or so. It will remove the mi
Yes on both.
I have 770 credit score, down payment ready , and 6 months expenses. but don’t plan on paying closing costs , which you recommend fha or conventional?
How much down payment do you have? If you have more than 10% then conventional is likely the best option. If not, FHA may be the way to go. Get your lender to give you a side/side comparison.
Good luck trying not to pay closing costs.
I tried to purchase home for 300k and my mortgage is 2200 way high than your calculations
What's included in that number? What's your rate?
My dude said car payment for $300... for a honda civic 480$ and that's base . I'm worried to continue 😕 😞
That's an expensive Honda Civic............the exhaust better be modified for $480/month 🤣
'if you make $50k in California and are worried that you can't buy a house in that market, don't worry. I'm going to make another video for people that have a higher income.'
Wtf?
50k is nothing
I feel a lot better now. Haha. I make about 48,000-50k a year. I was actually looking at buying a 250,000ishk house. My bills are about…$900 a month! I think I can definitely afford it….I hope….
Got help?
You cutting it too close....you have to have enough money for emergency repairs, property tax hikes , as well as being able to save monthly
@@tamarastone141 depends on savings investment
@keith wisdom no, it really doesn't. Not too smart to rely on investments. Savings is saving, you're not supposed to touch that. You must be young.
Excellent video
Good Content Man
🙏
A really simple calculation is that a buyer should never take on a mortgage where the monthly payment is more than 25% of take home pay. This puts someone earning $50,000 right around $185,000 to $200,000 as a max, which is also 4x yearly income. So in California or Western Washington, to afford a $1.3 million mortgage somewhere far off from the big city, the buyer would need to make a minimum of $325,000 per year. If the buyer cannot afford it, then the buyer should move where it’s cheaper to live, end of story.
Nathan - do you make $325K? East coast salary and homes don't cost that much.
@@5guysproduction234 well, I can say $180k base average per spouse for a couple is common here, and that’s what drives the demand since they are willing to max out what they can borrow to get a loan on a house. You can look up four bedroom houses in Issaquah, Sammamish, or Bellevue in Washington State on Zillow to get an idea of the prices.
I would prefer not to share our income, but I can say it’s pretty much game over for anyone below the $325k income threshold who wants to raise a family in a good area with decent schools. I would say that’s about equivalent to what $60,000 used to be in 1998. People can live comfortably on $500k/year at the moment, so that’s about what $100k/year was in 1998. These comparisons are about in line with similar comparisons regarding the price of gold.
There are some crime-ridden areas further out where houses can be had for maybe $600,000 to $1MM. I wouldn’t roam around those areas without carrying, though. If one heads out where it’s maybe a two-hour or longer commute, maybe a deal can be found. That’s just the reality.
I was with you up to “move where it’s cheaper”. Everyone can’t just pick up and move. For example my job dictates where I live and I can’t just quit whenever I want because I’m under contract but I hear you.
@@kayw1771 people interview in other parts of the country with the understanding that they intend to move there for the job, relocating once they get their one or more job offers. I would not recommend moving first and then finding a job second, so it’s a good point. Unless you are in the military, you should be able to do something similar.
Some people decide to start a business with the intent to earn enough to cover the cost of living. It often starts as a side business and turns into something bigger. Really, those people will be the ones most likely to stay in the area as people do not want to earn well into the six figures and still live in a little apartment or in a bad part of town. I made an ultimatum with my wife to move if we could not earn enough to buy our next house and she moved fast re-entering the workforce and starting a company, I’ll just say that. Leaving her family was her motivator. So if there’s a will, there’s a way.
That's what I did. I moved out of Orange County in 1990 to the Seattle area to buy a house, & again I moved out of Orange County in 2021 to the Phoenix area to buy a house. I have no home loan since I have no income. I got laid off in 2008 & gave up looking after 4 or 5 years.
2.25% interest rates....What happened America?
I am refinancing. But each time the mortgage company sends me new paperwork, the closing costs increases and how much I am supposed to get back is lower. Why is this happening? Should I just remove the money I'm getting back?
How much do you think that people should take out for a refinance?
0$
Are you saying $0?
Is there a program for first time buyers who need help with down payment?
When I researched these programs in the past, they will charge you a higher interest rate and want a smaller debit to income ratio. I decided to wait and save on my own. Do your research to see if it works for you. Also, the escrow can take longer to process. I'm closing on my first home next month.
Yes there is but varies state to state. Find a good lender that knows the programs.
Jeb! A number I’ll never forget:
“One thousand nine hundred twenty four”
Haha! All jokes aside. Looking forward to seeing other evaluations based on different income levels. What percentage do you see in your client base stretch budget who plan to rent out a room or room(s)? With high COL the house hacking route seems popular. Is this maybe a topic you bring to your clients to push toward more expensive housing or sway affordability?
Bahahaha. I had a dream about it. Should I re-record?
@@JebSmith I don't understand what is going on? What was wrong with the number "One thousand nine hundred twenty four”?? Was it wrong? Which part? Why? I am confused after reading the comments.
@@mine1685 It was the strange editing and off audio of the number every time it was mentioned in the video lol which made it fun/funny
Need to be approved for this amount as well, or something closer to it
Great Explanation....
Glad you liked it
$0 in any area because no seller wants an FHA loan in 2021 😅🙄
Some truth to that in some markets but they are happening. I recently accepted one on one of my listings and we just closed one for a buyer as well.
I make 51k yearly, bought my home this year for $148,000, the only debt I have is is student loans. There were some sellers that refused to accept an FHA offer but I was able to find a nice home that was FHA was approved. I do live in Tennessee which helps… but, it is possible!
If inflation hits 10 percent, could the 10 year treasury go negative ?
theres no way someone can buy a house for 325,000 making 50k. I can't barely do it making 98,000 and being house poor
Its possible
This is why you NEED to have a licensed loan officer or lender to review your situation. It can get very complicated real quick! Thanks for the video. Talk to a lender. They are not going to charge you anything. We basically work for free until a transaction is closed.
Very true
2.5 interest ??? Kate you k???
Love the editing.
Thanks Roberto
I'm a single guy making this much, bought a 3BR, and rented the other rooms. My mortgage was just $300 more than I was paying in rent before, so they were pretty sure I could afford it.
I'm actually planning on doing this myself also single dude looking to buy unfortunately I'm in SoCal.
Lol
What about a 72K in Las Vegas.?
you have a lender that does USDA for self employment
Do you have Realtors and Lenders' contacts in Puerto Rico?
Reach out to me and I'll check. youtube@jebsmith.net
Is there any special requirements to be qualified for 57 % of DTI ?
Pay off some debt first.
50k no savings vs 50k net worth 250k
Salary or net worth should be guide
So 32k per year with bad credit and no money saved means no house ..
Not necessarily
Yes, basically
Lmao yeap
Yea maybe in the slums
Only problem is taxes by me are double that or more for a property worth $350k. The troubles of living in NY state 😓
Yikes.....what's the percent?
@@JebSmith 2.2%
You are greatt !!
🙏
Do you have a video giving 10 percent down payment using an FHA loan. ???????????????
I don't as it's rare that anyone putting 10% down would use an Fha loan.
ONE THOUSAND NINE HUNDRED TWENTY FOUR.. 🤣 great info
that video was terrible, here is the updated version that I just did a week ago - ruclips.net/video/3Vhqiwabva0/видео.html
how much would the closing costs be based on this scenario?
When are you going live again brotha?
This week......Wed at 5pm PST.
My vehicle payments are $1500, single income family of 4.
You crazy lol
Good video
Thanks
ONE THOUSAND NINE HUNDRED AND TWENTY FOUR DOLLAR
Interest rate calculated at 2.25%.. man if ONLY
Make one with todays current rate
I have..........ruclips.net/video/3Vhqiwabva0/видео.html
Lol the voiceover keep catching me off gaurd
I know, that was awful.
that interest rate is nowhere near that now lol
6.3%
Get a cheap home or buy trailer
Double wide. Bout it.
50k a year it's a minimum wage in 2023.
Bingo and under national average as well which is 75k
Not even close bud,under 35,000 is minimum wage in CA.
@@NCal82 35,000 your a homeless in CA.
This makes me sad 😔 someone doing it all by themselves making under 50k seems like too much to afford not including food, gas and recurring monthly bills 😫 I don't know how folks do it these days. I would say good careers or some Ppl may shack up just for the joint financial help 🤷♀️ 😂⁉️ There's always the pole 🤣🤣🤣 just joking 💯❗️
Nothing lol 😆
😂🤦♂️
None.
A tent :)
I don't like his math. You are maxed out on your budget. You're going to be a slave to your house.
@2:48 - lol, wtf? If you need to spice in new segments, do it in an intentional classy way, not like this. Just say "after recording, I updated the amounts... etc". Be transparent about it, not like this, just seems sketchy & amateur.
(I know you may know better now since this was a year ago. Also, thanks for this content!)
I make 50k a month and that's a little steep.. geez almost 2k a month. I would have to feed my family spam sandwiches
24k a year is too much wow. You shouldn't have a family brah
You are a goldmine
🙏
Well, that’s just flat out irresponsible of it FHA I suppose…
1924
With 50k in salary you should NOT be buying a home. It’s an easy way to end up in bankruptcy.
Depends on where you live. 50k in mobile, Alabama is not the same as NYC
Thank you, in Texas, Alabama, Louisiana, Mississippi you can afford a house with that salary
@@noellhankton5438 are cars cheaper there too? Insurance? Gas? Food? Clothes? College tuition? Those are pretty standardized across the country.
@@rp1268 I can only speak for Mississippi but most of those things you listed are cheaper. Gas in California is $5 a gallon while it’s $2 and some change here buddy
@@noellhankton5438 even now? That’s incredible!
Rental property.
What in the world
Lazy editing terrible audio
This is me. Poor lol
Lol
Subscriiiiiibe
Thank you