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How Much Income Do I need for a $300K House?

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How Much Income Do I need for a $300K House? – How to Choose

Are you in the market of buying a new home and not sure of how much you can afford?

In this episode, Angelo explains what it takes to buy a $300K home. Everything you need to know can be found in the video.

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*Loan Programs are subject to change based on lender guidelines, economy and market conditions.

If you are in the process of buying your home and you’re not sure how the process is supposed to happen. Angelo Christian is there to help you through the whole process. Get into your new home today with Angelo Christian. Click the link below.
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Watch these Videos for more great content:
10 Day Loan Closing or It’s FREE
https://youtu.be/vxmm8CE4B64
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How to Build a House with $0 Down
https://youtu.be/sx3wRUPPCCk
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What is Earnest Money?
https://youtu.be/WjOeP43Tg2M

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

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25 Comments

  1. S Cann
    July 16, 2021 at 12:32 pm

    0:55 :[]

  2. pumpnprop
    July 16, 2021 at 12:32 pm

    I only paid 85k for my house. My house is worth 400+k

  3. Joe King
    July 16, 2021 at 12:32 pm

    Just barely started making about $35K/yr. It sucks that things are so expensive, but it's understandable.

  4. King Piccolo
    July 16, 2021 at 12:32 pm

    I wont need a loan after I moon

  5. Derrick Lindsey
    July 16, 2021 at 12:32 pm

    Does that 5600 get divided between two people if your staying with a significant other?

  6. David Wright
    July 16, 2021 at 12:32 pm

    How long do u have to be working to be able to afford 200k

  7. Croma
    July 16, 2021 at 12:32 pm

    I’ve been saving and living with my parents and have about 200,000$ saved in cash. I want a 350,000$ home but I have no previous home buying history and I make 60k per year, and a great credit score. Are there any concerns

  8. Andre Persaud
    July 16, 2021 at 12:32 pm

    2000 per month everything included is that electric water etc

  9. the Unrepentant
    July 16, 2021 at 12:32 pm

    Building upwards while halting expansion outwards causes home prices and rents to skyrocket, placing the lifetime earnings of residents squarely into the pockets of the chosen few. Those most affected cheer each time another tract of land is "protected" tightening the snare on their own demise. A quarter million homeless in Canada with 1000 deaths each month. A major issue in this country is the vast distance between cities, yet no land may be spared for housing. Organized protest in an effort to save a grove of trees meets each attempted use of land, yet forest extends all the way from the West Coast to the East Coast.

    This artificially created land shortage serves the purpose of financial institutions, but costs consumers from five to above twenty times the normal price of a home. For each $100,000 of market price, if land is $20,000 and the building is $80,000 lenders will not advance funds beyond the value of the indestructible portion, which is the land, itself. A deliberately restricted supply caused prices to skyrocket with the cost of the building and the cost of the land switching places in the equation. Now, for each $100,000 spent on a home the building accounts for $20,000 of the price and land makes up the remainder, which is $80,000. Banks lend an amount that matches the indestructible portion of the acquisition, which is the land. In an ironical twist this arrangement enables buyers to finance their purchase by paying several times the normal amount for a home.

    Canada produces cereal crops and livestock that are its staples, which are grown some distance from cities. We have highways and railways to haul in these products. It also produces some fruit and vegetables during a relatively short growing season. The reality is that 95% of the food that we consume comes from or through the USA. Yet, that has not kept land from being declared "agricultural" in an effort to prevent its use for housing and that has inspired movements to place a halt on the use of all land. In order to save land for agriculture, forest land should be made available on which to construct homes. Legislation and regulations have severely restricted the home building and home improvement industries, the two industries for which we are admirably suited with our abundance of land, lumber, stone, minerals and other material. We have skyrocketing property prices preventing people from becoming established and a gulf between property owners and the remainder that cannot be bridged with any amount of effort. A certain formula for implosion of society.

    Footnotes:

    ¹ A result of this cunning sleight of hand is that people make a down payment of $200,000 and finance the remaining $800,000 for a property whose value would be only $200,000 if it were not for the deliberately restricted supply that caused prices to escalate to absurd levels.

    ² Cities were built on fertile flood plains at the confluence of rivers. Halting use of land beyond these already developed areas does nothing to enhance agricultural production, while astronomical price levels make this land unfeasible for growing crops.

    ³ Civic governments reap a bonanza corresponding to inflated property assessments.

  10. Rell Rell
    July 16, 2021 at 12:32 pm

    Hello, would that be Gross Income or Net? Meaning, would i need 40-50% Gross Income or take home Net Income?

  11. samvilms
    July 16, 2021 at 12:32 pm

    Why would I have a 2k a month payment on a 30 year mortgage? That is extremely clutch my pearls high. It would be more like 1200-1350 a month

  12. mem10fan2
    July 16, 2021 at 12:32 pm

    The monthly income of $5,600 should be after taxes

  13. Jessica Paone
    July 16, 2021 at 12:32 pm

    Is there a way to buy a house in full? No mortgage? How viable is that and how beneficial?

  14. Rolo F
    July 16, 2021 at 12:32 pm

    Gross income or net income do they look at ?

  15. Daniel Molina
    July 16, 2021 at 12:32 pm

    Any tips to buy a house with a w7 Itin number? Thank you for the great info!

  16. Dismatic x
    July 16, 2021 at 12:32 pm

    Do you service Ohio? And the $5,600 a month income needed you said, that's before taxes, right?

    I make $1517 a week with a raise coming in August. I made 71k 2019 and 79k 2020. 801 credit score. Car will be paid off in a couple months when I go to get pre approved.. I do have a second car on my credit though, I think it has about 7k left (mom's car but she didn't have credit etc so put it in my name– that payment is only like $150 a month), I have credit cards but literally zero owed on them. Just ball parking, do you have any idea what I should be approved for? Again, do you service Ohio? I'd like to stay around 15-20k for a down payment which wouldn't be the 20 percent and I'd like to be in the 250k to 300k range, maybe even 350k range.

    I keep looking at houses and doing these payment calculations and some 300k and up houses come up to $1300 or so a month plus the insurance or whatever it's called for (pmi?) which isn't included in that random price calculation.. but to me, I feel like i could afford some of these prices easy. Just really curious what i could get pre approved for but don't want to start the process yet because my lease isn't up until August.

  17. Kim Harden
    July 16, 2021 at 12:32 pm

    Wow! I guess I will never own a home in California with my measly $35,000 a year income.

  18. C C
    July 16, 2021 at 12:32 pm

    Do they go by gross income or net income for the DTI ratio? Thanks for the video!

  19. Ray'sLife
    July 16, 2021 at 12:32 pm

    What about a 30 year loan ? Would it be like a $1000 a month for mortgage

  20. EL CHEKE
    July 16, 2021 at 12:32 pm

    YOU FORGOT TO MENTION THE DOWN PAYMENT WHICH CAN BE 20 %

  21. MASHON REED
    July 16, 2021 at 12:32 pm

    Can you get down payment assistance with a USDA

  22. MASHON REED
    July 16, 2021 at 12:32 pm

    I am interested in the process of getting a home through usda and looking to pay down my interest rate

  23. Elias Martinez
    July 16, 2021 at 12:32 pm

    I felt like I was in class. Thanks for the lesson!

  24. Randy Wiley
    July 16, 2021 at 12:32 pm

    Love the education you give sir very appreciated thx

  25. bobos paracord
    July 16, 2021 at 12:32 pm

    Can someone help me, I just turned 18, I make around 36,000 dollars after taxes, my friend and I are moving to New Mexico within the next 4 months, I will have around 13,000 saved and he will have around 14,000 saved by the time we move, I found a house that is 178,000 for a 5 bedroom 3 bath 4,365 sq ft house, with 2 units on the property, my idea was to buy the house, and rent out 3 rooms and 2 units, if I rented it at like 600 or 700 a month for five renters that’s 3000-3500 a month, plus my friend and I will be working, should I wait and save till I have a 20% down payment and cash incase something goes wrong? Or do a 10% downpayment and just deal with the PMI? I figured if I get 5 renters I wouldn’t worry too much about the PMI because I’d be making money from the renters