Profile picture for TwoCatPeople

One income. Can we still buy?

We're afraid to even walk into a realtor's office and tell them we would like to buy a home/townhome - something newer in a safe area, but with a single income (my husband - I am disabled) - and not have them tell us we're wasting their time.

Is it hopeless? Are there realtors and lenders willing to work with people in situations like ours? I read the media and hear lending standards are so tight now that we might as well not bother. But rents always rise and there's no tax incentives. We would really like to buy something if we can. We have family willing to help with down payment.

Should we try or just continue renting?
  • February 17 2013 - Rancho Cucamonga
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Answers (13)

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Profile picture for SeanGlaze
I am in your area I would be glad to sit down with you and talk with you about the process.  You can contact me via the zillow profile.  Lenders do not care about how many incomes you have they care about what your total income is and how much debt you have.  I live in Rancho and am very familiar with the area give me a call and we will meet up t get the two of you started.
  • February 17 2013
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Hi TwoCatPeople,
If you find a great agent in your area they should be able to help you with all of the things you need to qualify.  The lenders will look at your "Debt to Income Ratio" to determine the value of the property you two qualify for among other things.  Do not get discouraged!  If they give you a funny look or make you uncomfortable march right out and go next door.  There's no shortage of Real Estate Agents, it's a matter of finding your match.

If you can afford to buy and qualify for what you want, it could save you money in the long run and you could actually make a profit if done right.  Miami for example the rental rates are getting so high people are paying considerably less with a 20% down 30 year fixed rate traditional mortgage than they would for rent on the same unit. 

Good luck in your search!

Nick
  • October 02 2013
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Yes, it is often common to qualify with just one income. I would strongly suggest applying with a lender to see what you qualify for and what changes could be made!
  • October 02 2013
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Yes one income you can buy- sit down and speak to a local lender or bank who can review your credit and income and will be able to tell you how much you will be able to afford and the amount of down payment- If you have credit issues at will not be able to purchase at this time, at least you have the knowledge on how to move forward and work on any credit issues - please stay encouraged! 
  • October 02 2013
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 Lenders do not care if 100% of the income comes from only one of the co-borrowers.    It would make no difference if your husband made a 100k per year compared to if you made 50k and your husband made 50k.   The qualifying income is the same.  

also, lenders sometimes consider permanent disability income for qualifying.  check with your loan officer


FYI, you may want to visit a loan officer before you visit a realtor 
  • October 01 2013
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Hi There,
The place to go with your question would be a loan officer to discuss the possibility of a loan. I usually recommend you simply go to the bank where you are already doing business.
Most Realtors also do have "in house" lenders you can be referred to. Don't be discouraged before you start! It all depends upon what kind of loan you can qualify for.
Once you know that, you can start working with a Realtor.
  • October 01 2013
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Profile picture for kelliv

It is not hopeless!  It doesn't matter if you have only one income, all that matters is your debt to income ratios for qualifying coupled with you looking in a price range that you can afford both the down payment as well as the total payment.   Once you have that established, we can turn that into a price range of a home that you can afford.

Once you have that number, you can look at areas that will have homes that are in that price range.  

Please contact us if you need assistance.

Thank you,
Kelli

  • October 01 2013
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Profile picture for MaryBeth Frye
Call your local bank and ask to speak with someone in the mortgage department.  Ask them to pre-qualify you.  This will tell you what price range you are in and what terms you should be asking for.  Ask the mortgage broker tp writew you a pre-qualification letter.
Your next step is to see a realtor!!!
  • February 20 2013
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It really depends upon your income and credit to determine if you can qualify for a property. There are great tax advantages to home ownership. You can contact a loan officer to be Pre-Approved for a loan before you contact a Realtor® for help.
  • February 20 2013
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Profile picture for TwoCatPeople
Big thanks to you all for the replies - it is much appreciated.

We know it's best to get a letter of approval first, however many realtors have lenders they work with. We met a lender once via a realtor and he was easy to work with but that was in another state several years ago. We have no family or friends who can help us in that area. In light of that, maybe Sean can give us some referrals when we contact him.
  • February 18 2013
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Realtors are not the place to start....You need to speak with a lender in your community. You can either start with your own bank of select a mortgage broker by going on Yelp...Better yet, ask family and friends for referrals.

I recommend going through the mortgage application process...doing so is the only way to really know what you're capable of buying...

Wishing yout the best of luck.

  • February 18 2013
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Profile picture for wetdawgs
Why start with an agent?  Why not start with a lender and work to get pre-approved.  Then and only then go start interviewing buyer's agents to find the absolute best one for your purposes.    A buyer's agent should not be showing houses to parties who are not pre-approved.  It has  nothing to do with one income and/or disabled, it is to do with it isn't fair to show you properties you can't qualify for and it isn't share to the sellers to waste their time walking people through their houses who aren't qualified.

Here's a link to Zillow's buyer's roadmap.
  • February 17 2013
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Profile picture for Sharon Lewis
We don't bite, lol, so please call a Realtor's firm. I would work with you in a heartbeat and I am considered a top agent! So don't be shy. (I am not in your area, I can refer you to a Realtor) What you might want to do is speak to a lender, first, to see if you qualify to purchase. Most Realtors have  preferred lenders generally because those lenders, get their clients closed without too much stress on the client. There is a lender I see often on these boards, he is in Southern California too, Vince look him up if you want. Or call your local credit union and or bank
I hope that helps....also, you and yours needs to sit down and figure out what your budget is going to be, lenders might lend you more than you are comfortable spending each month. 
  • February 17 2013
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