Keep in mind this amount can vary obviously with current interest rates on loans. Also depending on if you want to put a down payment or not and the term of the loan will make that number fluctuate a tad. Oh yeah don’t forget you have to afford gas,food,emergencies,utilities, insurance, etc as well 😅
Yes. There was a time when $10 per hour was a decent middle class income but that was 1975. I make in the area of $65,000 a year with no debt and still can’t afford nice housing. I can rent a decent apartment in the suburbs, but I can’t afford a mortgage +utilities and taxes in a nice neighborhood unless I get married which means she gets everything if it doesn’t work out
I’m interested in moving from Virginia Beach to McAllen Texas to purchase another home, preferably with an acre or 2 of land…using my Veterans Benefits.
Hi! I'm in Texas. You need 3.5% down - this is the minimum amount. Requirements: Credit above 580 Must be employed You would have to apply to see what your missing as everyones debts and incomes are completely different. They typically ask for the following: - Fill out lenders application -Copy of Drivers License -Copy of Social Security card - 3 months of bank statements -3 months of check stubs - 2 years of income tax Hope this helps!
All of those numbers are after tax right? $54k after tax. Here in Canada, that would be about $78k gross, lets round up to $80k to be more reasonable, typically you assume your take home is about 70% gross. $80k/year is not achievable in any entry level job, even out of university. You can only achieve this income if you take yourself seriously, and achieve. But anyone 'can' do it. This comes out to $38/h. This is also significantly higher than the median salary in Canada which is only in the $50k's. $38/h or $80k/a is higher than the journeyman rate of most trades, higher than any construction position except the managers/foremen, higher than teachers, any of the arts, most banking accounting or data jobs, almost any job that doesn't require decision making and management. That being said, $80k a year is achievable in many industries, but only after 5-10 years experience. For example: Nurses Construction Foremen Managers Engineers Doctors Lawyers Scientists Professors Government
True. Trade jobs like plumber, electrician, etc. can make that much too in time but you'd have become more skilled over years and years of your life, preferably starting your own business which is a huge endeavor.
Okay so I have a question for anyone who can answer. I’m 30 years old, entrepreneur. I have NO Standing debt on my credit, I owe no money on my credit cards, I have no student loans and my car payment per month is $380. Would I still need to make the $4500 a month to qualify?
![YoungBoy Never Broke Again - Catch Me [Official Video]](http://i.ytimg.com/vi/KxwEXXFQMTY/mqdefault.jpg)
Keep in mind this amount can vary obviously with current interest rates on loans. Also depending on if you want to put a down payment or not and the term of the loan will make that number fluctuate a tad. Oh yeah don’t forget you have to afford gas,food,emergencies,utilities, insurance, etc as well 😅
She forgot
Holidays isn’t a necessity, cut that part out.
@@Kingjames313 good point
So basically unless you make 50k a year either live at home with your parents or get a roommate? Kind of sad you can't afford a home on 14 an hour.
CORRECT 😭😭
It does depend where u live to
This is mess3d up, cus we suppose to be getting a house and we saved our down payment and they just trying to kill p pl at this point
Nigga 14 a hour is scraps ya need to work harder
Yes. There was a time when $10 per hour was a decent middle class income but that was 1975. I make in the area of $65,000 a year with no debt and still can’t afford nice housing. I can rent a
decent apartment in the suburbs, but I can’t afford a mortgage +utilities and taxes in a nice neighborhood unless I get married which means she gets everything if it doesn’t work out
Don’t forget, electricity, water, trash, phone bill, groceries, gas car insurance And Not counting other things that you spend money on
I just tried to get A va loan for $200000 it was gonna cost over $1500 a month.. Of course that is with no money down
Extremely simplified. Thanks!!!
Perfect thanks! Def motivates me more to pay down the date before becoming a home owner
I’m interested in moving from Virginia Beach to McAllen Texas to purchase another home, preferably with an acre or 2 of land…using my Veterans Benefits.
That would be awesome! Lets me know if I can further assist you!
Feel free to reach out amyrivas56@gmail.com
Thanks seems like I'm good to go! Just gotta save a ton now for the down payment lol.
Thanks for not making this an hour long great short video
Please make more this helps alot
What state?
Down payment?
Update on new requirements etc?
Hi! I'm in Texas.
You need 3.5% down - this is the minimum amount.
Requirements:
Credit above 580
Must be employed
You would have to apply to see what your missing as everyones debts and incomes are completely different.
They typically ask for the following:
- Fill out lenders application
-Copy of Drivers License
-Copy of Social Security card
- 3 months of bank statements
-3 months of check stubs
- 2 years of income tax
Hope this helps!
All of those numbers are after tax right? $54k after tax.
Here in Canada, that would be about $78k gross, lets round up to $80k to be more reasonable, typically you assume your take home is about 70% gross.
$80k/year is not achievable in any entry level job, even out of university. You can only achieve this income if you take yourself seriously, and achieve. But anyone 'can' do it. This comes out to $38/h. This is also significantly higher than the median salary in Canada which is only in the $50k's.
$38/h or $80k/a is higher than the journeyman rate of most trades, higher than any construction position except the managers/foremen, higher than teachers, any of the arts, most banking accounting or data jobs, almost any job that doesn't require decision making and management.
That being said, $80k a year is achievable in many industries, but only after 5-10 years experience. For example:
Nurses
Construction Foremen
Managers
Engineers
Doctors
Lawyers
Scientists
Professors
Government
True.
Trade jobs like plumber, electrician, etc. can make that much too in time but you'd have become more skilled over years and years of your life, preferably starting your own business which is a huge endeavor.
Maybe try truck driving 😅😅😅
Does this take down payment into account or based off 0 down?
Okay so I have a question for anyone who can answer. I’m 30 years old, entrepreneur. I have NO Standing debt on my credit, I owe no money on my credit cards, I have no student loans and my car payment per month is $380. Would I still need to make the $4500 a month to qualify?
Awesome video! Learned lots from this.
Hey girl thanks so much!!! I did it and followed along . You da bomb #smartieandbaddie
Thank you!
what would be a down payment on a 250k house
You can put down as little as 3.5% = $8,750
Don't forget at closing you have to pay your down payment + closing cost.
Hope this helps!
I buy cash cars so I''m good on the car note 😂
So are they gonna by your payment plan on debt or the amount of debt ? Bc I have 15 k in loans
Do Americans not have to put a deposit down for a property? 🤔 over in the UK min 10% deposit of purchase price!
They do but it’s about 1%
Min 5% in Canada
Someone making 56k cannot afford a 200k house it shouldn’t cross over 25% of your take home for an mortgage
True but there are not many good prices homes anymore
Great video
Straight to the point loved the visual could you do I to detail on terms. And why those percentages
❤
Glad this was helpful! Thank you for your feedback! :)
🙏🏾
Thanks 🤩
Ojona hermosa . Gracias! Super interesante video.
You need 54k AFTER taxes
So that’s $54k after taxes.
Where is there a 200k house?
In Georgia Alabama Louisiana Mississippi
Does the interest included
Interest is included in monthly payments.