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Nickyweg t1_iybm0hr wrote

Reply to comment by SmarterShelter in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter

It’s going to cost more monthly for now, but you will lock in that price.

500k with 60k down will run like 3300-3500 a month.

It looks like your break even point would like year 16.

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SmarterShelter OP t1_iybm7yh wrote

Would lenders qualify me for a $3500 mortgage payment if I'm making like 5K a month? I know for rent, they wanted to see 2.5x the rent in income.

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Nickyweg t1_iybmftw wrote

Probably not. I think it’s usually 2-3x yearly income.

You may need more down, moving to a cheaper COL area, or raising your income.

Is 5k post tax ?

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SmarterShelter OP t1_iybnf8a wrote

Hmm... That's helpful. I need to run some numbers with a professional.

The 5k is an ugly mix of pre and post tax income. I'm a professional artist.

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Nickyweg t1_iybnj5q wrote

That’s going to be hard if your income varies a lot month to month

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SmarterShelter OP t1_iybnwmq wrote

Yeah... I mean, it's a hazard of what I do. I've had very brief non-number-based chats with two loan officers, and they said they see it all the time cause everybody in LA works in arts and entertainment.

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