@whatsamortgage_: Is $250K/year enough to buy a $975K home in SoCal? 🤔🏡 This couple asked me if their $250,000 income could qualify them for a $975,000 home. They’re putting 10% down from their own funds and getting another 10% as a gift—so 20% down total. ✅ With today’s rate and $260/month HOA, their total monthly housing payment comes out to about $6,700. They also have $2,000 in monthly debt (cars, cards, student loans, etc), so all-in, their total monthly obligations hit $8,700. To qualify, they need to show $19,333/month in income—that’s about $232K/year, which means they just barely make it. 😬 This doesn’t include saving for retirement, health insurance, or life’s curveballs. Minh’s Take: Just because you can qualify, doesn’t mean it’s the right move. Know your full budget, not just what the bank says. 👇 Sound off in the comments: Would YOU stretch your budget for a house like this? #SoCalMinh #HomeOwnership #MortgageTips #HomeBuyingJourney #RealEstateReality #FirstTimeBuyer #DebtToIncome #MortgageMath #FinanceFacts #MoneyTalks #SoCalHousing

Minh Nguyen | Mortgage Broker

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Wednesday 16 July 2025 23:52:27 GMT