SmarterShelter OP t1_iybm7yh wrote on November 30, 2022 at 4:34 AM

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

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.

Nickyweg t1_iybmftw wrote on November 30, 2022 at 4:36 AM

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 ?

SmarterShelter OP t1_iybnf8a wrote on November 30, 2022 at 4:45 AM

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.

Nickyweg t1_iybnj5q wrote on November 30, 2022 at 4:46 AM

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

SmarterShelter OP t1_iybnwmq wrote on November 30, 2022 at 4:49 AM

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.