Just saw the House I want to Buy

[Jack_Dawson]

Problem is, it's $1.4M. Ahhh...San Diego.

Selling my condo might net me $200,000. Does anyone know how much I need to make to finance a $1.2M loan?

JD

[Spinzonner]

1. Well, you could provide your first-born as security ...

[rwenos]

2. Probably about $250,000/Yr Before Taxes?

Or, if you don't have that, your mortgage broker will ask you -- "Well, don't you have family who can give you money?"

Being on the wrong side of the housing divide in SoCal SUCKS.

[Jack_Dawson]

4. I think I'm on the right side of the divide...

but this would be a little in-over-my-head if you know what I'm sayin'. But from what I understand, the market has returned to "normal" which means houses are actually staying on the market for more than a couple hours.

[Gyre]

3. THAT is a great video clip!

LMAO.:)

Gyre

[Jack_Dawson]

5. Glad you like it

I generally get positive reviews of my video clip.

:hi:

[Nederland]

6. Assuming lots of things

...like no other debt, 20% down payment, etc.--you'd need to be making around 220k a year.

btw, that's an interest only loan at 6%.

[GiovanniC]

13. Ouch

[Droopy]

7. I think that conventional wisdom says

that you should not borrow more for your mortgage than 2 times your annual income. So you would need to be making about $600,000 a year to afford that house.

[Jack_Dawson]

8. $600K?

C'mon now. Nobody gets ahead being THAT conservative. I hear what you're sayin tho...

[Droopy]

12. At 6% interest and 30 year fixed mortgage for 1.2 million

Your monthly house payment would be just under $7200.

[Jack_Dawson]

15. Does that include taxes?

Probably not. :scared:

[Droopy]

16. Nope. Just principle and interest.

[Jack_Dawson]

17. Ouch.

Well...maybe I'll make a lowball offer and hope for the best. Someone already tried that at $1M and they didn't respond. Maybe $1.2M? Anyway...just thinking out loud. Thanks for doing the math.

[Catchawave]

9. Look into interest free loans.....

with a 200k downpayment, and if you have a pretty good job, you might just get that loan.

Ahhh, I remember San Diego....good luck !

[Jack_Dawson]

10. Where r u now?

[Catchawave]

21. Virginia/Florida......

...you can get twice the mortgage for interest free financing in high appreciating areas, which I'm sure San Diego is too! Talk to a mortgage company that you can trust.

[Mayberry Machiavelli]

11. Has anything changed in your personal circumstances to make you able

to afford a home that's like 2 or 3 times what your condo is worth? Assuming that is the ratio...

[Jack_Dawson]

14. Higher paying job...

50% pay increase. Nice, but $1.4M is probably way over my head still. Maybe I'm just dreaming, but I love the digs. OMG.

[supernova]

18. Standard is 4x salary now

so whatever 4x your presnt salary now is the best case scenario of the size house you can afford.

[Jack_Dawson]

19. Looks like I'm moving to Omaha n/t

[Renew Deal]

20. I had the same problem today.

Saw a house listed for 1.2mill that I loved. It would be almost $5000 a month after taxes, down payment, etc.