Question by needlovin: home loans and down payments?
Hey there reader!
I’m 21 yr old guy living in LA trying to prepare to buy my first home. Although this wont happen a couple of years after I graduate from college but I would like to know how home loans and down payments work =D. I would deeply appreciate all the information I can get and I have a couple of questions to ask so I hope you can through this with out boring you!!
If I get a loan from a government agency and I believe its called “Down Payment Assistance” or from any bank how much money am i able to pull out if im approved?
Also lets just say the home I want is about 650,000 how much of loan should I get?
Finally if I get a loan 30% of what the house is worth does that mean i pay for the loan and the home?
Best answer:
Answer by My Take on It
I would be curious what your major is in college that you think you will have the income to support a 650k mortgage, your college loans (if you have any) and your other expenses.
A 650k mortgage is beyond a jumbo loan, which are hard to get. You would need about 250k to bring to the table to put down on this 650k house you seem to think you can afford. To buy a house for 650k or even to have a 417k (that is the jumbo loan limit) loan, you would need to be making over 140k a year!
If you need *down payment assistance* you cannot afford a 650k home LOL
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