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Old 07-06-2017, 05:59 PM
 
Location: Bay Area
402 posts, read 538,675 times
Reputation: 335

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Quote:
Originally Posted by Perma Bear View Post
Where? Income matters more when it comes to qualifying for a mortgage.
South San Jose, schools 8-9.
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Old 07-06-2017, 07:14 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by dogandcat View Post
South San Jose, schools 8-9.
Show me a listing that's in the low 400s
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Old 07-06-2017, 07:47 PM
 
Location: Murrieta California
3,038 posts, read 4,776,406 times
Reputation: 2315
Quote:
Originally Posted by Perma Bear View Post
Show me a listing that's in the low 400s
If that is what you are looking for then you shouldn't be looking for a house in Silicon Valley.
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Old 07-06-2017, 07:50 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by JohnSoCal View Post
If that is what you are looking for then you shouldn't be looking for a house in Silicon Valley.
They said condo.
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Old 07-06-2017, 08:28 PM
 
Location: Bay Area
402 posts, read 538,675 times
Reputation: 335
Quote:
Originally Posted by Perma Bear View Post
They said condo.
I'm not sure why you are looking just for low 400K properties if you have 150K in cash down. Maybe your current salary really low or you have too big monthly expenses because if not you can pretend to up to 750K houses... But if you with you can buy for low 400K 2 bedroom 1bathrom old but renovated condo you can do it in South San Jose (bad elementary school, 8-9 middle and high). Starting from 500K, you can buy with my current schools area (all 8-9). Browse Zillow and Redfin last purchases.....

If you salary is low and you have a family you can try special governmental programs for first-time home buyers. My good friend (wife and one child) just bought a new condo in SJ with a help of on of these programs.
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Old 07-06-2017, 09:50 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by dogandcat View Post
I'm not sure why you are looking just for low 400K properties if you have 150K in cash down. Maybe your current salary really low or you have too big monthly expenses because if not you can pretend to up to 750K houses... But if you with you can buy for low 400K 2 bedroom 1bathrom old but renovated condo you can do it in South San Jose (bad elementary school, 8-9 middle and high). Starting from 500K, you can buy with my current schools area (all 8-9). Browse Zillow and Redfin last purchases.....

If you salary is low and you have a family you can try special governmental programs for first-time home buyers. My good friend (wife and one child) just bought a new condo in SJ with a help of on of these programs.
You'd need to make 150k a year to qualify for a 750k mortgage. Downpayment means nothing.
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Old 07-06-2017, 10:31 PM
 
Location: Bay Area
402 posts, read 538,675 times
Reputation: 335
Quote:
Originally Posted by Perma Bear View Post
You'd need to make 150k a year to qualify for a 750k mortgage. Downpayment means nothing.
I said about house up to 750K, considering a person already has 150K in cash for downpayment. I don't know maybe rules were changed recently or different banks have different options but when I was applying for my mortgage as a first-home buyer several years ago, I made less than 150K. They just wanted my debt to income to be something around 43% before taxes. My savings and home purchase price were similar to yours. But I did not have any debt except loan for a modest car each month. I would take quotes from several different banks and credit unions to know all options.
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Old 07-06-2017, 11:42 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by dogandcat View Post
I said about house up to 750K, considering a person already has 150K in cash for downpayment. I don't know maybe rules were changed recently or different banks have different options but when I was applying for my mortgage as a first-home buyer several years ago, I made less than 150K. They just wanted my debt to income to be something around 43% before taxes. My savings and home purchase price were similar to yours. But I did not have any debt except loan for a modest car each month. I would take quotes from several different banks and credit unions to know all options.
750-150= 600k, you'd need to make about 150k to be approved for that even with 0 debt. If you make closer to 60k 400k is probably the absolute max with say a 110k downpayment.
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Old 07-06-2017, 11:58 PM
 
Location: Murrieta California
3,038 posts, read 4,776,406 times
Reputation: 2315
Quote:
Originally Posted by Perma Bear View Post
750-150= 600k, you'd need to make about 150k to be approved for that even with 0 debt. If you make closer to 60k 400k is probably the absolute max with say a 110k downpayment.
The truth is that Silicon Valley has a very high cost of housing. I would never live there unless my income was at least $200k. Fortunately my income was at least that high so the COL didn't bother me. The higher pay for techies more than offset the higher COL. SV is great for techies, not so good for others.
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Old 07-07-2017, 12:11 AM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by JohnSoCal View Post
The truth is that Silicon Valley has a very high cost of housing. I would never live there unless my income was at least $200k. Fortunately my income was at least that high so the COL didn't bother me. The higher pay for techies more than offset the higher COL. SV is great for techies, not so good for others.
Pretty much ****s all over people born here who can't really relocate. Don't worry I spend all my energy hoping there's a crash that sends us back to being "the Valley of hearts delight".
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