1 Nov

If you want to buy, we will find a way!

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Posted by: Tracy Luciani Price

We love the creativity of clients and we love masterminding with them about the home buying possibilities.

The housing market has been a challenge for the past five years with affordability being at an all time high.

Top 1% Award Winning Mortgage Team

If you try to get into the average $850,000 dollar home with the minimum down..5% on the first 500k and 10% on the last 350k..you are looking at 60,000 down payment. But that’s usually not the hard part for most people with a gift from parents. What’s hard is qualifying for that size of a mortgage.

Depending on property taxes and the heating costs, you need an income of $170,0000 to qualify for a low end single family home. Doubtful for one salary but you would need likely two incomes to even quality for a mortgage. And that’s with no other debt. But the good news is that people with our help are figuring how to make this work.

Many of our clients are looking now to buy a much bigger home with their parents or even grandparents. Some have in law suites already or clients are putting them in. That way splitting a bigger mortgage with four people is easier. So let’s jump up to a 1.4 milion dollar home. Often mom and dad are ready to downsize a bit anyway and have lots of equity they can put down on the mortgage. The 4 or 5 thousand dollar monthly mortgage payment now becomes more affordable for two families.    But of course, the biggest bonus, families are helping each other and the parents can help with babysitting when their kids want to slip out for a night on the town.

If you want to jump into the housing market, we always say, if there is a will, there is a way. And we have been making dreams come true for clients for the past 25 years.