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Indeed, it may seem challenging, but rest assured, it's not impossible. I appreciate you speaking your mind and watching the episode - your opinion is a major part of the conversation that leads to change.
Me and my gf make a little over a combined 100k in NJ, with hardly any debt.. and cant buy anything in any moderately safe area. At this point i just wanna see the world burn.
@NYGFRANK87 yup it's crazy. I'm in Middlesex County and everywhere in this county is stupid expensive unless you want to live in New Brunswick (which anyone looking to invest in their primary residence wouldn't kuz it's a dump) ... property taxes anywhere half decent are ridiculously high in this state, and I just got a raise up to $140k/year and will STILL struggle to buy a home and live comfortably as a solo salary homebuyer.. stressful af
We make $221356 a year, and we refuse to purchase. Not because of the 6-8 percentage. It's the sky-high home prices here in Cali. Absolutely ridiculous!
I know the interest rate has gone up! Our first home purchase in California was in 1983.... paid $168k with an interest rate of around 19%... Didn't even know it was CRAZY! But we were taught that buying a real estate could be a good investment for the long run since you have to pay rent anyway! The house now is around 2.5 mil! Enough to retire with retirement pensions.
I totally understand your frustration about the high home prices in California, it's a big challenge faced by many. It's important to note though, that while home prices are relatively high, it can also mean that investing in property might appreciate well and prove beneficial in the future. However, each situation is unique and what works for one may not apply to all. It's always best to evaluate all options and make a decision that best suits your needs and financial situation.
I make $48k supporting two people. Not struggling at all in this economy because we live in the South, plus budget like crazy. Getting ready to buy a big 3bed/2bath house for $145k.
Unfortunately in NJ where I'm at, mobile homes are not even $145k ... there's nothing for sale anywhere near that price here. BOL with your future house and god bless
I never understood not using the monthly take-home pay instead of annual salary before taxes. There are rare occasions where I get 3 paychecks in one month so mostly there's only 2. I want my mortgage to fit under 1 paycheck. Making $100k I need a mortgage somewhere from $1800 to $2400 and homes are so overpriced where I'd NEVER pay that much for what's available. Shit is sad.
Hey @jacobstrouble6631, I completely understand your point about wanting loan estimates to align more closely with how most people actually receive their income - that is, monthly and after taxes. It can definitely make budgeting and planning seem more manageable and intuitive. Regarding overpriced properties, escalating prices can indeed pose a challenge, especially in high-demand areas. Yet there are still opportunities available for buyers who are patient and vigilant about scanning the market. Finally, on wanting a mortgage payment within your monthly take-home pay, that's a prudent financial strategy! Just remember, your mortgage payment will typically include taxes, insurance, and possibly HOA fees as well. So, ensure you have factored these into your calculations. Thanks a lot for checking out the video and providing thoughtful input!
Hang tight. It won’t always stay this way. It is not sustainable. Save, pay off debt, and improve your credit score. Don’t over extend or you will regret it. Set what you are comfortable with. Calculate what you can afford based on two pay periods, or roughly one month. For pay periods 25 and 26, use those to make one extra mortgage payment toward your principal. It will knock years off your loan. A great mortgage payment calculator app can help you strategize what you can afford.
On the same boat. I'm looking for around 1600 to 2100. Everything on the market near me in that range is old and needs instant love. I've been looking into building buying a modular home. Currently going through the mortgage application process. Waiting to see how much I can borrow for it. I'm looking at modular (3bed 2 bath 1600 is ft) that's estimated to be around 150k (with some customizations on my end). Land is looking like 15k to 28k for an acre. I was quoted 60k to 80k to install and get utilities setup. In the high end it would be around 250kish. Should put me on the high end of my budget but it'll be a new home on my own land.
@@JebSmithI make about the same, as do many I know. Almost none of us have any hope of living better than our parents….or being able to build a new house.
@@Leonnie13I can’t. I’m in my 30s and want a house and a family. Guess that’s never happening. Thanks for completely destroying the world in under 50 years boomers.
Except the average annual salary in the US is $63,795 so making 100k a year is just crazy for most people to imagine seeing in their lifetime. Try again for the average person.
I've been paying like $304 per month! It's been decreasing few dollars slowly. I thought that my PMI was going to fall off after the equity becomes larger than 10%! But it will stay with life of the loan, I found out few months ago!😢
I brought my house in 1997. I done an FHA and I qualified making 40 grand a year. I suppose too have had a fix rate mortgage. My house was only 110000 dollars but I got a 9 percent interest rate my mortgage went from 973 too 1267 dollars. I paid my house off. But the people that selling you the house will lie too you just too get you in the house.
Great information.. looking for a home soon within the next few months, it's sad how bad these interest rates have gotten.. makes wanting a home alot less attractive. Great information. Will subscribe
Thank you so much! I should've learned this decades ago!!! I get irritated that loan officers don't come clean with MIP/ UFMIP and other fees!!! Next time, I will know how to shop for better loans! THANK YOU! ❤❤
@@JebSmith Did you say UFMIP is 0.55%? Is it monthly? I enrolled in your newsletter. I've been thinking about purchasing another home since the price has come down a lot recently in my area. I know the interest is high..... But hoping it will go down, then will be good to refinance! I know it costs a lot to get a loan and to refinance! 😢
I live in Southern California and rent is only $3.4k in a $650k home. We're fine just renting and saving (in a HYSA). Waiting for rent to catch up to the cost of homeownership or for my investments to compound to the point I can just cash out on a house 🤷🏾♂️
I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just small investment, thank you Stacey Macken.
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended highly about her and her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia ,
I realize that trading/ investment comes with a lot of benefits than it seems to be on the news. As a beginner I was scared of loosing my savings but I'm glad I took the bold step that is now favoring me.
I don't want to put a figure to how much i've made doing that but let's just say it's more than enough to make trading worthwhile. And when i say worthwhile, i mean it.
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life. Great piece!
I make well over 100k but need a 3 bdrm house for my now growing family. Cannot afford ot in the OC. Will probably just sell our condo, which since purchase in 2022 has gained no value, and become a renter of a single family home for years.
1) if it’s multi family then you can do the same thing but ur income grows is higher since they count like 75% of the rent as income? 2) if you apply joint Does it factor in both incomes so if two people make $100k Then they consider it $200k gross?
My max for a 6 figure salary is 275k and I do understand that this is not an option for certain places. This is the one time I’m happy to live in Alabama.
Understood, because I'm a little over that amount and I feel like I can't go over 300k which means I can't afford much more than condos in South Florida. Things got crazy post pandemic lol
How come you don't mention factoring in your personal living expenses? I find it very frustrating that lenders don't factor that in or at least factor it into thought when talking to you about what you can afford.
Lenders dot use that when determining DTI....it should be part of your budget but understand it varies from person to person so it's not something a lender can determine
Bull! Fha is very particular on a house! I had 17000 saved. Credit score was 612. I picked out the tri-level home I wanted, but fha said your a 1099 worker we need cannot use this type of income. You must be a 1040 worker. I paid for appraisal and inspection to only find out I waisted my money!
Briefly, a buy down point refers to prepaid interest on a mortgage loan. By paying for these points upfront, you can lower your monthly mortgage payment and save money over the long haul. Each point typically costs 1% of your mortgage amount and can reduce your interest rate by about 0.25%. Stay tuned for a more detailed video!
He didn't mention New Jersey because the property taxes are too high then they have a nerve too high water bills and hidden taxes. Don't move too New Jersey the most expensive state in the United States
Are you and Mr. Cardone sleeping together? Did you actually read first how hard is to get this loan and the ratio between your income to your debt? Two years of paychecks for what you saying $5000 you need to have a score fico score over 580 to get to 3.5%. If not you are in the 10% so right there they also not covering your Home Insurance and Agent or agents 6% payments on top of several other things
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
⏩ How much can you afford with 50-75K Salary? - th-cam.com/video/Y28z5i1aBeY/w-d-xo.html
⏩ - NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2023 - th-cam.com/video/CApGLR5u6j0/w-d-xo.html
🏠 - First Time Home Buyer Course - bit.ly/4clhsse
✅Subscribe to my local newsletter - bit.ly/48LJJp3
I’m so sick of this economy, making a $100k is not easy and yet they expect us to make $200k + to Buy a nicer home
Indeed, it may seem challenging, but rest assured, it's not impossible. I appreciate you speaking your mind and watching the episode - your opinion is a major part of the conversation that leads to change.
I make $115k a year in NJ which is decent but being single its not easy trying to buy a home on 1 salary even at $115k a year
Me and my gf make a little over a combined 100k in NJ, with hardly any debt.. and cant buy anything in any moderately safe area.
At this point i just wanna see the world burn.
@@williamcathcart387 Same. We are in Mercer county and it’s not cheap unless if one decides to move into Trenton…
@NYGFRANK87 yup it's crazy. I'm in Middlesex County and everywhere in this county is stupid expensive unless you want to live in New Brunswick (which anyone looking to invest in their primary residence wouldn't kuz it's a dump) ... property taxes anywhere half decent are ridiculously high in this state, and I just got a raise up to $140k/year and will STILL struggle to buy a home and live comfortably as a solo salary homebuyer.. stressful af
We make $221356 a year, and we refuse to purchase. Not because of the 6-8 percentage. It's the sky-high home prices here in Cali. Absolutely ridiculous!
I know the interest rate has gone up!
Our first home purchase in California was in 1983.... paid $168k with an interest rate of around 19%... Didn't even know it was CRAZY!
But we were taught that buying a real estate could be a good investment for the long run since you have to pay rent anyway!
The house now is around 2.5 mil!
Enough to retire with retirement pensions.
I totally understand your frustration about the high home prices in California, it's a big challenge faced by many. It's important to note though, that while home prices are relatively high, it can also mean that investing in property might appreciate well and prove beneficial in the future. However, each situation is unique and what works for one may not apply to all. It's always best to evaluate all options and make a decision that best suits your needs and financial situation.
@@JebSmith probably will be moving to Las Vegas next year. Better bang for my buck.
I make $48k supporting two people. Not struggling at all in this economy because we live in the South, plus budget like crazy. Getting ready to buy a big 3bed/2bath house for $145k.
Unfortunately in NJ where I'm at, mobile homes are not even $145k ... there's nothing for sale anywhere near that price here. BOL with your future house and god bless
In the south where??? Mississippi??
@@Mesena2773lmao exactly where tf they live at
@@Bippityboppityboop good for you homes are priced ridiculous in DMV. $449K townhomes and Condos neck & neck it’s crazyyyyy🥲
Where at ??
I never understood not using the monthly take-home pay instead of annual salary before taxes. There are rare occasions where I get 3 paychecks in one month so mostly there's only 2. I want my mortgage to fit under 1 paycheck. Making $100k I need a mortgage somewhere from $1800 to $2400 and homes are so overpriced where I'd NEVER pay that much for what's available. Shit is sad.
Hey @jacobstrouble6631, I completely understand your point about wanting loan estimates to align more closely with how most people actually receive their income - that is, monthly and after taxes. It can definitely make budgeting and planning seem more manageable and intuitive.
Regarding overpriced properties, escalating prices can indeed pose a challenge, especially in high-demand areas. Yet there are still opportunities available for buyers who are patient and vigilant about scanning the market.
Finally, on wanting a mortgage payment within your monthly take-home pay, that's a prudent financial strategy! Just remember, your mortgage payment will typically include taxes, insurance, and possibly HOA fees as well. So, ensure you have factored these into your calculations.
Thanks a lot for checking out the video and providing thoughtful input!
Hang tight. It won’t always stay this way. It is not sustainable. Save, pay off debt, and improve your credit score. Don’t over extend or you will regret it.
Set what you are comfortable with. Calculate what you can afford based on two pay periods, or roughly one month. For pay periods 25 and 26, use those to make one extra mortgage payment toward your principal. It will knock years off your loan. A great mortgage payment calculator app can help you strategize what you can afford.
On the same boat. I'm looking for around 1600 to 2100. Everything on the market near me in that range is old and needs instant love.
I've been looking into building buying a modular home. Currently going through the mortgage application process. Waiting to see how much I can borrow for it.
I'm looking at modular (3bed 2 bath 1600 is ft) that's estimated to be around 150k (with some customizations on my end). Land is looking like 15k to 28k for an acre. I was quoted 60k to 80k to install and get utilities setup. In the high end it would be around 250kish. Should put me on the high end of my budget but it'll be a new home on my own land.
@@JebSmithI make about the same, as do many I know. Almost none of us have any hope of living better than our parents….or being able to build a new house.
@@Leonnie13I can’t. I’m in my 30s and want a house and a family. Guess that’s never happening. Thanks for completely destroying the world in under 50 years boomers.
Thanks for this video Jeb! I am in the market and just accepted 100k salary position.
Best of luck!
Except the average annual salary in the US is $63,795 so making 100k a year is just crazy for most people to imagine seeing in their lifetime. Try again for the average person.
I make 80k a year and under xontract dor 500k home. I had to put 220k down to be approved for a 30 ywar conventional with a 759 credit score
44% down (2.75x yearly salary in this case) is so wild
Idk how you managed to save 220k but hats off to you and I hope all goes in your favor 🎉🙏
Congrats!!!!
I've been saving for 6 years
@MassagePerfect-hh3sm math isn't mathing. Impossible to save 220k in 6 years only making 80k
$202 for PMI is crazy... makes me feel a little bit better of my $53/mo PMI... Thanks again for the information!
I've been paying like $304 per month! It's been decreasing few dollars slowly.
I thought that my PMI was going to fall off after the equity becomes larger than 10%! But it will stay with life of the loan, I found out few months ago!😢
I brought my house in 1997. I done an FHA and I qualified making 40 grand a year. I suppose too have had a fix rate mortgage. My house was only 110000 dollars but I got a 9 percent interest rate my mortgage went from 973 too 1267 dollars. I paid my house off. But the people that selling you the house will lie too you just too get you in the house.
Great information.. looking for a home soon within the next few months, it's sad how bad these interest rates have gotten.. makes wanting a home alot less attractive. Great information. Will subscribe
Thank you so much!
I should've learned this decades ago!!!
I get irritated that loan officers don't come clean with MIP/ UFMIP and other fees!!!
Next time, I will know how to shop for better loans!
THANK YOU! ❤❤
MIP/ UFMIP don’t vary per lender but fees definitely do along with interest rates. Make sure you are talking to a pro.
@@JebSmith
Did you say UFMIP is 0.55%? Is it monthly?
I enrolled in your newsletter.
I've been thinking about purchasing another home since the price has come down a lot recently in my area.
I know the interest is high.....
But hoping it will go down, then will be good to refinance!
I know it costs a lot to get a loan and to refinance! 😢
Great video! Could we get a similar video but with the VA Home loan ?
Coming soon!
My wife and I together gross about 225k a year. We practically live paycheck to paycheck. That’s Orange County for you.
@@chaoswarrior where is orange county
@@Corey-qv2ob about 25 miles south of Los Angeles.
@@chaoswarrior ok wow
I live in Southern California and rent is only $3.4k in a $650k home. We're fine just renting and saving (in a HYSA). Waiting for rent to catch up to the cost of homeownership or for my investments to compound to the point I can just cash out on a house 🤷🏾♂️
It's not the best time to buy a house. Even if you are paying cash, buying a house now is throwing your money.
I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just small investment, thank you Stacey Macken.
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended highly about her and her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia ,
I realize that trading/ investment comes with a lot of benefits than it seems to be on the news. As a beginner I was scared of loosing my savings but I'm glad I took the bold step that is now favoring me.
My whole family living fine and am heading for retirement plan, thanks to Stacey Macken .
I don't want to put a figure to how much i've made doing that but let's just say it's more than enough to make trading worthwhile. And when i say worthwhile, i mean it.
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life. Great piece!
I make well over 100k but need a 3 bdrm house for my now growing family. Cannot afford ot in the OC. Will probably just sell our condo, which since purchase in 2022 has gained no value, and become a renter of a single family home for years.
1) if it’s multi family then you can do the same thing but ur income grows is higher since they count like 75% of the rent as income?
2) if you apply joint
Does it factor in both incomes so if two people make $100k
Then they consider it $200k gross?
you're really knowledgeable. thanks for the videos!
My pleasure!
With a 3600 montly mortgage can you afford this on a 100k salary? Isnt that around half of what you make most monthly?
Many people would say no while others would say that it’s OK. It’s all about your personal budget and what you feel comfortable with.
My max for a 6 figure salary is 275k and I do understand that this is not an option for certain places. This is the one time I’m happy to live in Alabama.
Understood, because I'm a little over that amount and I feel like I can't go over 300k which means I can't afford much more than condos in South Florida. Things got crazy post pandemic lol
No. That is not reasonable for a 100k salary.
How come you don't mention factoring in your personal living expenses? I find it very frustrating that lenders don't factor that in or at least factor it into thought when talking to you about what you can afford.
Lenders dot use that when determining DTI....it should be part of your budget but understand it varies from person to person so it's not something a lender can determine
Wonk, wonk… looks like I need a house under 450k, i was looking at 475k , but oh well. Im in Texas , so thanks for the info
Bull! Fha is very particular on a house! I had 17000 saved. Credit score was 612. I picked out the tri-level home I wanted, but fha said your a 1099 worker we need cannot use this type of income. You must be a 1040 worker. I paid for appraisal and inspection to only find out I waisted my money!
Tent sales will be skyrocketing.
Can you make a video to explain buy down point and how does it work? Thank you.
Briefly, a buy down point refers to prepaid interest on a mortgage loan. By paying for these points upfront, you can lower your monthly mortgage payment and save money over the long haul. Each point typically costs 1% of your mortgage amount and can reduce your interest rate by about 0.25%. Stay tuned for a more detailed video!
Great video as always 👍🏻
Jeb
How about an amount financed 390K home. How much will be the monthly payment?
Nicely illustrated!
He didn't mention New Jersey because the property taxes are too high then they have a nerve too high water bills and hidden taxes. Don't move too New Jersey the most expensive state in the United States
They have too get the these interest rate down too aleast 3 percent like normal
Are you licensed in Texas
If i purchased a home with 20 percent equity already in it, will I have pmi?
Yes in most cases unless it was a gift of equity. The lender uses the lower of the loan amount or appraised value to determine PMI when buying a home.
$3600 mortgage, if both of you make 100k a year together, just imagine the hardship if one of you lost your job. Time to Tap out.
How much? No house.
The underwriter will deny you, after you done did all you suppose to do!
what if only 60k year :(
Can i eligible FHA loan on no docs loan
No..... unfortunately not
Are you and Mr. Cardone sleeping together? Did you actually read first how hard is to get this loan and the ratio between your income to your debt? Two years of paychecks for what you saying $5000 you need to have a score fico score over 580 to get to 3.5%. If not you are in the 10% so right there they also not covering your Home Insurance and Agent or agents 6% payments on top of several other things
This is sickining
Fha is bull!!