Mr. Reality Realtor

Rofl 🤣 let me know I need that too

@Andrea lol. I said 7000 and -a W2?

@Raven sounds ridiculous 🙄. So no small businesses?

I think you need a new real estate agent.

Do you mean a $15k down payment on a first time homebuyer’s policy?

The income needed depends on where you live and the price point you’re looking at. Traditionally people would put 20% down, so on a $500k house, that would be $100k. However, given the exorbitant price of houses nowadays, some lenders only require as little as 3%, which would be $15k on a $500k house. If you go this route, then you’d have to pay extra for private mortgage insurance and your monthly payments would be higher. I’m confused why you were told you only need a down payment of $1500? Seems like the down payment would be much more.

@Renee I'm looking at the paper now. He wrote down 1500.

@Raven girl, what is the interest rate on that? You’ll be in the red when you die while still paying the rest of your life.

@Renee welp. What do you suggest? Rental of a home? Cuz renting an apartment doesn't make sense to me if they keep going up on the rent every time I re new the lease. The apartment stays the same size and nothing changes. But they want more money. Also - it doesn't matter where I live I'm going to have to pay up until I die. Not unless I give up on life and live under a bridge - even then , I will pay with my dignity and self respect.

I would suggest you look at homes that are more in your price range. A 500k home is a very large home in a very nice neighborhood. Where I come from, most people don’t buy their dream home as their first home. Also 10-12% is usually the down payment you’ll see here. But a lot of first time home buyers loans will cover that down payment for you tho you’ll still need a little bit for closing cost. And lastly, you’ll have to save up a few thousand dollars at least to move in with. Remember when calculating your income they go off your debt to income ratio so anything you owe or any bills you have now are factored in plus your mortgage payment. So you may need to spend time paying down other debts before your income can handle a 1,700- 2,000 a month mortgage. Whether that be credit card bills or what you owe towards your car or getting a cheaper cell phone. But you gotta keep your debts at 30% or less of your income.

And wait and see who gets into office because that’s going to determine if we can afford to even buy groceries again or not.

@Cassie ❤️ thanks