How much can you afford to purchase - First Time Home Buyer

Are you a first time home buyer wondering how much home you can afford in today's real estate market? How much can I afford to purchase? How do you calculate your DTI? What is DTI? In this video, I discuss first time home buyer tips for calculating your monthly qualifying income and how lenders use debt to income (DTI) in order to determine how much home you can afford to purchase.

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

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[keehn]

That’s amazing. At one point I had a $1300 house payment on a 178900 house. I couldn’t handled it emotionally. So we sold and got a 130k house with 739$ a month. I now feel much better. Lol

[komecowoodson]

Jeb, I really love your content. Thanks for providing us with so much information.

[amprg]

Utility costs and maintenance should be added on top of them too. In my understanding, additional $600 monthly payment may be added on top of the numbers you mentioned.

[msdiamondpiggy]

Great Video. Hello from Northern California.

[Pollux]

I’m getting ready to jump into a property that will be 38% of my income…however we didn’t even include my wife’s income in our mortgage prequalification. She’s only part time and had been not working because of covid but she is just getting ready to start back again. The house we put an offer on needs a new roof though which we are going to pull $10k out of our down payment to replace it right away.

[davedavidson]

You forgot to include spousal and child support payments in the DTI calculation. Any lender I've looked at considers those as debts and calculate them in to DTI.

[bernicesowah]

I need a good lender I have had five lenders and none of them could help me. Can you please help me with a good lender?

[Pikaboodaisy]

Is there a fee/charge if I go to a mortgage lender and see how much I qualify for? (Plan on purchasing a home mid next year)

[joy]

On a Conventional loan these days, can we go with 5% instead of 20%? I'm hearing 20% these days...

[eddyeroyal]

I just got a VA on 500K and it was stuff with COVID-19 numbers

[DGourley]

45%+ of income going towards your housing expense is extremely irresponsible. It’s unfortunate that retirement savings aren’t ever included in these discussions of how much house you can “afford”. Millennials are rushing into a life of being severely house poor with no retirement savings. Shameful.

[brittanychrissy]

This video was confusing. I see why you gave a disclaimer the beginning. Definitely too many layers to unpack in a video.

[TheSRMproject]

Holy crap 67% on that VA loan? Add in all other bills and dudes gonna be broke as hell.