Misconception about Buying a Home

Misconception about Buying a Home

  • Spencer Hsu
  • 01/6/23

 

MISCONCEPTION ABOUT BUYING A HOME?

πŸ’° Debt shouldn't hold you back from your 🏑 dream of homeownership.

Many people think that if they have a lot of debt, like πŸŽ“ student loans or πŸš— car payments, they can't afford to buy a home.

But here's the truth: when you apply for a home loan, the lender only looks at the total of your minimum monthly payments, not the total debt amount. This means that even if you have a lot of debt, as long as your monthly payments aren't too high relative to your πŸ’° income, you can still qualify for a home loan.

For example, πŸ₯ doctors with hundreds of thousands of dollars in medical school debt can buy a home out of college as they can buy with very low money down and their incomes are very high so they have a low debt to income ratio.

So don’t think you can’t buy a home if you have debt, understand how to leverage debt to your benefit. πŸ’ͺ

If you’re interested in buying, selling, or investing in residential or commercial real estate in the πŸ“SF Bay Area contact me today!πŸ“₯

πŸ“§[email protected]

(408) 547-4590

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Buying and selling a home is never easy, but with the right guidance and team behind you, we will take on the journey together so you can enjoy the process.

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