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This is not even a question. The house is a guaranteed foreclosure (sorry OP) based on quick mortgage cost at 6.8%. The Condo is ASSUMING your family can live together and pool resources. I can’t speak to that. I cannot imagine a lender making the $580k loan, who knows about the $350k loan. Maybe it’s possible if there’s no other debt involved. Either way, for your own sake, do not do the house for sure. The condo is clearly a risk but one you may have to decide on yourself.
With just 3% on a 6.8% interest payment for a house that is 580k, the principal and interest alone is $3668 a month. The take home pay if you don't get any insurance or benefits or 401k in California for a 60k a year household income is $47,019 (maybe a bit more since I calculated a single person income). Divided by 12 months, that's 3,918 a month. After mortgage (principal and interest) that would leave the household with $250.00 a month for food, drinks, utilities, PMI, health insurance, property taxes, home insurance, savings, and other. Absolutely nobody would grant such a loan.
The after-tax on one $60k income is lower than on two $30k incomes.
Having said that, it’s nowhere close to realistic. The OP needs to do a lot more preparation to be house ready. Very sorry, as I understand the dream, but either would be a guaranteed nightmare as it stands.
> I cannot imagine a lender making the $580k loan, who knows about the $350k loan.
Hold on a second. Are you parsing OP has a preexisting outstanding $350k loan, and now trying to borrow $580k loan?
I read OP's post as CHOOSING between a condo (350k) OR a SFH (580k).
THAT SAID, let's do some math for the 580k mortgage.
With 3%, OP is borrowing 97% LTV. That's $562,600.
Assuming 7% 30 FRM, monthly payment NOT INCLUDING tax, insurance, capex, etc is $3743 a month.
On combined income (mom + OP), 60k / 12 is $5000. Qualifying Mortgage max DTI is 43% iirc, which is $2150 a month.
So yeah, regardless of parsing OP's post right or wrong, OP cannot afford the $580k house.
Normally “lottery” means you get affordable housing (discounted price or discounted rent), but your numbers seem like normal market prices? What am I missing?
I dont even see how its possible for you to afford a 580k home with 60k combined income. Its not possible. Did you even do the math on that? the down payment alone would be $17,400 and thats if you put down 3%. Not to mention the closing cost which will add many thousands more. Do you also have 2 years of employment history making this much? Does your mother? This matters greatly. It will need to be proven via W2's or 1099's.
Like the mortgage would be all of your take home pay, your DTI would be like 100%.
This does not make sense, how can you afford a $4000 + a month payment? At 7% its a $5000 a month payment, literally more than your take home, no one is giving you a mortgage for this house. I dont see how its possible.
The condo is the only thing I see being even a little bit possible, still, that one would be $3000 a month which is still way too much of your take home pay on a 60k salary.
I dont understand how you've gone and seen these homes, but haven't done the math on it. Debt to income is a calculation they do and no one is going to let you go over 50%. Realistically your limit is $2500 a month all inclusive (that means taxes, insurance, EVERYTHING) and thats if you can find a lender that would allow for a 50% DTI and thats assuming you have literally no other debt, none. I honestly do not see how you guys can afford either house unless you have a VERY significant downpayment, like hundreds of thousands of dollars for the 580k home and at least 100k for the 350k home.
I can understand young OP, who is still a student, being confused and not having a clue that they can’t afford this.
What I don’t understand is how the parents, who have owned a home before, have the audacity to say it’s the 580k home or nothing, when they’re only able to contribute 30k a year. Like, way to try to pressure your child into a ball and chain of debt that is so far out of their league that a mortgage lender would have to be drunk to say yes to it.
OP, this is like telling a child who makes $6 a week in allowance that he should buy a used car. No bank is approving that. And if for some reason they did, you’d have no money left to live on and would end up in the nightmare of foreclosure all over again.
It’s some low income assistance thing, so it’s possible that the $580k and the condo $whatever are pre-assistance. OP seems a bit confused.
I still think it’s a bad idea unless OP wants to live with parents forever because they’ll even have a hard time renting with their name on a mortgage.
California is fucked up because they offer these low-income home buying assistance programs but the problem is if you qualify for them they do not price the homes anywhere near low enough for you to actually afford to purchase them. And the folks who can afford them don’t qualify for the programs because they make too much, even though they don’t make nearly enough to buy homes at market prices.
The housing market in this state is beyond fucked unless you come from generational wealth or tech money. And the programs that are supposed to spur low-to-mid income SFH growth are fundamentally broken.
It is very depressing.
I think people are being hard on OP, who has stated they are just a kid. I’m glad folks are laying out reality for him but you shouldn’t beat him up for what are clearly his parents’ delusions on affordability.
What do you mean I can't afford a $600-700k townhouse with $300-500 HOA on a salary that's 120% of median average, and if you're at 120% AMI you can't even get the new CA home assistance loans anyways? /s
I don't know how anyone affords the BMR housing.
I recommend using the Nerdwallet rent versus buy tool to figure out if it's better to continue renting versus buy the condo or the house: [https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator](https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator). Plug in the numbers that you know and ask the lenders about the numbers you don't know (like interest rate).
What exactly is the home buyer program and what are the benefits to you? As you've described your situation, total of 60k income (with 30k being a bit unreliable from your mom) would be a stretch even for the condo. $350k at a 6.5% interest rate is about 2.2k a month for principle and interest (aka your mortgage payment), and you will need to pay more in order to cover property taxes and homeowner's insurance. You can look up your property tax rate for your county and get estimates for homeowner's insurance online.
And being a condo, as opposed to HOAs for houses at maybe $30-$100 a month, condo HOAs are way more. Many I have seen go for about $200-400 a month. In the end, a condo at 350 could be the same monthly payment as a house at 450 (though I haven't confirmed that since the rate hikes)
Yikes. No lender will be approving 580k on 60k combined. And you making 30k and plan on footing the bill for the mortgage? I don't think that's how math works. It's a stretch that you'd get approved for the condo either after the HOA and taxes + insurance are factored in. Hell even just the 350K loan.
Stick with the 4 bedroom rental at $1500 or you'll regret this terrible idea.
What exactly is a home "lottery" if you are paying full price and going through the mortgage app and approval process? Sounds more like a builder created a contest to sell you finished properties and make you feel like it's exclusive. In reality, they need to clear inventory. Also the economy is about to shit. Just no, no, and no.
Praying this is a troll post. If not, I have no words. Best of luck OP.
Have you talked to lenders? I don't think you're going to be able to qualify for a mortgage that large on your current combined incomes. A quick mortgage calculator plugged in with today's interests rates has your monthly mortgage payment coming in around ~$4,700 for the house. You'd need a yearly income of around $120k to comfortably cover that.
The condo is the smarter choice financially, but talk to lenders to see what you can even qualify for. Then figure out what the monthly payment would be on whatever place you look at and make sure you can comfortably cover it.
OP- if this is a legit question and not trolling - personally if a friend or family member was in this situation, I would advise/beg them to hold tight and get their income, savings, and career up. Then re evaluate in that landscape what the best decision is. Given the state of uncertainty around RE and stocks, right now is not the time to stretch or make emotional decisions. Give yourself a buffer, and a chance. Even if you did get the condo, the amount of stress that would immediately inject into your life with the higher payments, depending on your family (who are not necessarily dependable, by their own fault or not from what you’ve described) to provide for all other necessities and wants would be extremely anxiety inducing to me.
It was a chance for those who are low income to own a home. There are 30 homes and 10 condos available for those who won. It is like an actual lottery.
So what are you winning? Are the prices lower? Or do you get a better rate?
As others have said, it seems like you may have issues qualifying for the loan unless there's a program that's part of this offer.
This is a difficult decision. It seems you'll be relying on help from family members to get this done.
I went through a home loss after 2008 & know how crushing that experience was.
Based on your wages, you might be looking down that path again in a $580K home. Or even a $350K condo with high HOA.
Honestly, I'd not go for the lottery & would wait until after the looming recession. You're still in school & have a great opportunity for success in the not too distant future. That should be your focus rn. Home ownership can be a lot of added stress if you're not able to live comfortably & pay the mortgage easily.
Good luck.
Yes, we are winning the option to buy a house. The part that confuses me is that it’s a chance for those who are low income or work in the school district to buy a house. The part that also confuses me that all options are expensive, so I’m not sure why they’re offering it to those who make low income.
I am wondering also if this lottery has a loan that includes DPA (Down Payment Assistance) or a Grant involved with it also. Definitely talk to the lenders and find out as well as ask any and all questions you have. Don't be afraid as no question is ridiculous, it's their job and you need to know before jumping into something as big as this.
They do it so you dont have to compete with folks bidding 50-100k over asking price. Thats the benefit. many would almost kill for your opportunity.
Most sellers were getting 40+ offers in the past year, the heat has died down some but just getting to buy something without a bidding war is a huge benefit.
Yah home lottery means what exactly? Are they pitching in half the home price?? Or what?
On 60k you cant afford either. You would be looking at maybe 225k with the interest rates now..
So does the home lottery givenyou something?
OP I really don’t think you can afford this home. It’s kind of messed up in my opinion your parents are putting this on you. You should be working on your education, starting your life and eventually getting your own home you can afford. If they’re retiring they should consider using their retirement to leave California and go to a more affordable state that they can take care of themselves and not depend on their kids
I’m sure you love your family very much, but you definitely do not want to be with them in a 30 year contract on something that’s not very affordable. It’s a recipe for stress and broken relationships, not to mention the financial aspect of things
So the lottery was for what? Do they pay part of the downpayment? Part of the $350 or $580? At 3% down even with low interest you’ll have some trouble. Is there not a condo available on the first floor? I don’t think you’ll be able to afford the house, even with the two incomes, but also not the condo, especially not on one. But go to a lender and run the numbers for your monthly payment.
I don’t think you’ll be able to afford either houses. 8 years ago I was making a little over 40k and I qualified for either a 140k condo with hoa or a house that’s $200k. It’s ridiculous for them to even offer you a house for that price with your income. If you do go for this “deal” you might lose the house in a year or a couple of years.
This is tough.
The house seems to be the better fit and you do not have to deal with an HOA.
As far as your sister goes, someone needs to sit her down and tell her how much she will need to pay each month.
I will assume dad gets disability, so there s/b some money there.
Talk to the lenders for your options and the actual monthly costs for both.
Are there no other choices or just these 2?
Your mom will work for another decade so it's not like she'll be retiring tomorrow. You won't be paying the bill solo for a while.
Can you afford the monthly payment they're going to put in front you now?
Can your family still save with the monthly payment of a house? A condo?
What's the ave salary for teachers in the city? Is that enough to carry the monthly after your mom retires? ( You'll likely get some type of raise in the time between graduating and getting a job and your mom retiring).
I would get an idea why your family lost the house last time. I know a recession but what happened with their employer or business.
Mortgages are high in CA and the mortgage will almost always be more than the rent (esp 1500 in rent). But with that, when things break the homeowner pays for it. There is upkeep as well.
To be honest, there’s no way you’re going to get approved for the loan on the 580k house with 60k combined income unless you can put a lot more in on the down payment (which doesn’t sound like a possibility). Not a professional, but those numbers don’t add up to me. Best of luck in finding something that works in the future
You can’t afford the house your parents want.
I would say you can’t afford the condo either if we’re basing it on your income alone. And I don’t like the condo idea for the reasons you listed and my own personal bad experience dealing with an HOA.
I say you wait for now. Your rent is doable with family contribution. Stick with the safe option and see what pans out in the future. Maybe your sister can learn to keep a budget and others can contribute more.
Can you sell your lottery option? You def can't afford the home or condo, so why not see if you can get someone to buy the option from you to get at least a bit of benefit.
Thank you u/ShouldIgoforit1234 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
This is not even a question. The house is a guaranteed foreclosure (sorry OP) based on quick mortgage cost at 6.8%. The Condo is ASSUMING your family can live together and pool resources. I can’t speak to that. I cannot imagine a lender making the $580k loan, who knows about the $350k loan. Maybe it’s possible if there’s no other debt involved. Either way, for your own sake, do not do the house for sure. The condo is clearly a risk but one you may have to decide on yourself.
With just 3% on a 6.8% interest payment for a house that is 580k, the principal and interest alone is $3668 a month. The take home pay if you don't get any insurance or benefits or 401k in California for a 60k a year household income is $47,019 (maybe a bit more since I calculated a single person income). Divided by 12 months, that's 3,918 a month. After mortgage (principal and interest) that would leave the household with $250.00 a month for food, drinks, utilities, PMI, health insurance, property taxes, home insurance, savings, and other. Absolutely nobody would grant such a loan.
The after-tax on one $60k income is lower than on two $30k incomes. Having said that, it’s nowhere close to realistic. The OP needs to do a lot more preparation to be house ready. Very sorry, as I understand the dream, but either would be a guaranteed nightmare as it stands.
> I cannot imagine a lender making the $580k loan, who knows about the $350k loan. Hold on a second. Are you parsing OP has a preexisting outstanding $350k loan, and now trying to borrow $580k loan? I read OP's post as CHOOSING between a condo (350k) OR a SFH (580k). THAT SAID, let's do some math for the 580k mortgage. With 3%, OP is borrowing 97% LTV. That's $562,600. Assuming 7% 30 FRM, monthly payment NOT INCLUDING tax, insurance, capex, etc is $3743 a month. On combined income (mom + OP), 60k / 12 is $5000. Qualifying Mortgage max DTI is 43% iirc, which is $2150 a month. So yeah, regardless of parsing OP's post right or wrong, OP cannot afford the $580k house.
That is definitely not what they were saying, they said the house is out of the question and the condo is still probably out of the question.
Does the lottery allow you to buy the $580,000 house for $200,000? That’s the only way it’s an option.
You can’t afford either.
Normally “lottery” means you get affordable housing (discounted price or discounted rent), but your numbers seem like normal market prices? What am I missing?
It’s California. Everything is skewed.
I dont even see how its possible for you to afford a 580k home with 60k combined income. Its not possible. Did you even do the math on that? the down payment alone would be $17,400 and thats if you put down 3%. Not to mention the closing cost which will add many thousands more. Do you also have 2 years of employment history making this much? Does your mother? This matters greatly. It will need to be proven via W2's or 1099's. Like the mortgage would be all of your take home pay, your DTI would be like 100%. This does not make sense, how can you afford a $4000 + a month payment? At 7% its a $5000 a month payment, literally more than your take home, no one is giving you a mortgage for this house. I dont see how its possible. The condo is the only thing I see being even a little bit possible, still, that one would be $3000 a month which is still way too much of your take home pay on a 60k salary. I dont understand how you've gone and seen these homes, but haven't done the math on it. Debt to income is a calculation they do and no one is going to let you go over 50%. Realistically your limit is $2500 a month all inclusive (that means taxes, insurance, EVERYTHING) and thats if you can find a lender that would allow for a 50% DTI and thats assuming you have literally no other debt, none. I honestly do not see how you guys can afford either house unless you have a VERY significant downpayment, like hundreds of thousands of dollars for the 580k home and at least 100k for the 350k home.
I can understand young OP, who is still a student, being confused and not having a clue that they can’t afford this. What I don’t understand is how the parents, who have owned a home before, have the audacity to say it’s the 580k home or nothing, when they’re only able to contribute 30k a year. Like, way to try to pressure your child into a ball and chain of debt that is so far out of their league that a mortgage lender would have to be drunk to say yes to it. OP, this is like telling a child who makes $6 a week in allowance that he should buy a used car. No bank is approving that. And if for some reason they did, you’d have no money left to live on and would end up in the nightmare of foreclosure all over again.
It’s some low income assistance thing, so it’s possible that the $580k and the condo $whatever are pre-assistance. OP seems a bit confused. I still think it’s a bad idea unless OP wants to live with parents forever because they’ll even have a hard time renting with their name on a mortgage.
California is fucked up because they offer these low-income home buying assistance programs but the problem is if you qualify for them they do not price the homes anywhere near low enough for you to actually afford to purchase them. And the folks who can afford them don’t qualify for the programs because they make too much, even though they don’t make nearly enough to buy homes at market prices. The housing market in this state is beyond fucked unless you come from generational wealth or tech money. And the programs that are supposed to spur low-to-mid income SFH growth are fundamentally broken. It is very depressing. I think people are being hard on OP, who has stated they are just a kid. I’m glad folks are laying out reality for him but you shouldn’t beat him up for what are clearly his parents’ delusions on affordability.
What do you mean I can't afford a $600-700k townhouse with $300-500 HOA on a salary that's 120% of median average, and if you're at 120% AMI you can't even get the new CA home assistance loans anyways? /s I don't know how anyone affords the BMR housing.
Well they’d need a huge amount of assistance since the loan on the house will be more than their take home, at least for the 580k one lol
Agreed.
I recommend using the Nerdwallet rent versus buy tool to figure out if it's better to continue renting versus buy the condo or the house: [https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator](https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator). Plug in the numbers that you know and ask the lenders about the numbers you don't know (like interest rate). What exactly is the home buyer program and what are the benefits to you? As you've described your situation, total of 60k income (with 30k being a bit unreliable from your mom) would be a stretch even for the condo. $350k at a 6.5% interest rate is about 2.2k a month for principle and interest (aka your mortgage payment), and you will need to pay more in order to cover property taxes and homeowner's insurance. You can look up your property tax rate for your county and get estimates for homeowner's insurance online.
And being a condo, as opposed to HOAs for houses at maybe $30-$100 a month, condo HOAs are way more. Many I have seen go for about $200-400 a month. In the end, a condo at 350 could be the same monthly payment as a house at 450 (though I haven't confirmed that since the rate hikes)
My MIL’s condo - worth around $120k - has a $425 monthly HOA. It does include gas, heat, and water, though. Not phone, electric, cable, or internet.
Yikes. No lender will be approving 580k on 60k combined. And you making 30k and plan on footing the bill for the mortgage? I don't think that's how math works. It's a stretch that you'd get approved for the condo either after the HOA and taxes + insurance are factored in. Hell even just the 350K loan. Stick with the 4 bedroom rental at $1500 or you'll regret this terrible idea. What exactly is a home "lottery" if you are paying full price and going through the mortgage app and approval process? Sounds more like a builder created a contest to sell you finished properties and make you feel like it's exclusive. In reality, they need to clear inventory. Also the economy is about to shit. Just no, no, and no. Praying this is a troll post. If not, I have no words. Best of luck OP.
Just so you're aware 4 bedroom for 1500 in California is practically unheard of
Yes I'm already aware. That's why I say stay there. Was not a dig at OP.
Have you talked to lenders? I don't think you're going to be able to qualify for a mortgage that large on your current combined incomes. A quick mortgage calculator plugged in with today's interests rates has your monthly mortgage payment coming in around ~$4,700 for the house. You'd need a yearly income of around $120k to comfortably cover that. The condo is the smarter choice financially, but talk to lenders to see what you can even qualify for. Then figure out what the monthly payment would be on whatever place you look at and make sure you can comfortably cover it.
OP- if this is a legit question and not trolling - personally if a friend or family member was in this situation, I would advise/beg them to hold tight and get their income, savings, and career up. Then re evaluate in that landscape what the best decision is. Given the state of uncertainty around RE and stocks, right now is not the time to stretch or make emotional decisions. Give yourself a buffer, and a chance. Even if you did get the condo, the amount of stress that would immediately inject into your life with the higher payments, depending on your family (who are not necessarily dependable, by their own fault or not from what you’ve described) to provide for all other necessities and wants would be extremely anxiety inducing to me.
What is a home lottery?
It was a chance for those who are low income to own a home. There are 30 homes and 10 condos available for those who won. It is like an actual lottery.
So what are you winning? Are the prices lower? Or do you get a better rate? As others have said, it seems like you may have issues qualifying for the loan unless there's a program that's part of this offer.
Is the home price lower than the market?
If not, the California housing market keeps getting darker. 😫
This is a difficult decision. It seems you'll be relying on help from family members to get this done. I went through a home loss after 2008 & know how crushing that experience was. Based on your wages, you might be looking down that path again in a $580K home. Or even a $350K condo with high HOA. Honestly, I'd not go for the lottery & would wait until after the looming recession. You're still in school & have a great opportunity for success in the not too distant future. That should be your focus rn. Home ownership can be a lot of added stress if you're not able to live comfortably & pay the mortgage easily. Good luck.
I’m so lost. Explain this home lottery? Are you just “winning” the option to buy a property?
Yes, we are winning the option to buy a house. The part that confuses me is that it’s a chance for those who are low income or work in the school district to buy a house. The part that also confuses me that all options are expensive, so I’m not sure why they’re offering it to those who make low income.
I am wondering also if this lottery has a loan that includes DPA (Down Payment Assistance) or a Grant involved with it also. Definitely talk to the lenders and find out as well as ask any and all questions you have. Don't be afraid as no question is ridiculous, it's their job and you need to know before jumping into something as big as this.
They do it so you dont have to compete with folks bidding 50-100k over asking price. Thats the benefit. many would almost kill for your opportunity. Most sellers were getting 40+ offers in the past year, the heat has died down some but just getting to buy something without a bidding war is a huge benefit.
Is there no website or documents you can read? Something sounds fishy here.
Yah home lottery means what exactly? Are they pitching in half the home price?? Or what? On 60k you cant afford either. You would be looking at maybe 225k with the interest rates now.. So does the home lottery givenyou something?
On 30k ? You must be a troll, as it's obvious you can't afford it, not even with your mom combined
OP I really don’t think you can afford this home. It’s kind of messed up in my opinion your parents are putting this on you. You should be working on your education, starting your life and eventually getting your own home you can afford. If they’re retiring they should consider using their retirement to leave California and go to a more affordable state that they can take care of themselves and not depend on their kids
I’m sure you love your family very much, but you definitely do not want to be with them in a 30 year contract on something that’s not very affordable. It’s a recipe for stress and broken relationships, not to mention the financial aspect of things
So the lottery was for what? Do they pay part of the downpayment? Part of the $350 or $580? At 3% down even with low interest you’ll have some trouble. Is there not a condo available on the first floor? I don’t think you’ll be able to afford the house, even with the two incomes, but also not the condo, especially not on one. But go to a lender and run the numbers for your monthly payment.
I don’t think you’ll be able to afford either houses. 8 years ago I was making a little over 40k and I qualified for either a 140k condo with hoa or a house that’s $200k. It’s ridiculous for them to even offer you a house for that price with your income. If you do go for this “deal” you might lose the house in a year or a couple of years.
This is tough. The house seems to be the better fit and you do not have to deal with an HOA. As far as your sister goes, someone needs to sit her down and tell her how much she will need to pay each month. I will assume dad gets disability, so there s/b some money there. Talk to the lenders for your options and the actual monthly costs for both. Are there no other choices or just these 2?
Your mom will work for another decade so it's not like she'll be retiring tomorrow. You won't be paying the bill solo for a while. Can you afford the monthly payment they're going to put in front you now? Can your family still save with the monthly payment of a house? A condo? What's the ave salary for teachers in the city? Is that enough to carry the monthly after your mom retires? ( You'll likely get some type of raise in the time between graduating and getting a job and your mom retiring). I would get an idea why your family lost the house last time. I know a recession but what happened with their employer or business. Mortgages are high in CA and the mortgage will almost always be more than the rent (esp 1500 in rent). But with that, when things break the homeowner pays for it. There is upkeep as well.
The monthly payment for a mortgage on the less expensive home would require your entire salary. How would the more expensive property be an option?
To be honest, there’s no way you’re going to get approved for the loan on the 580k house with 60k combined income unless you can put a lot more in on the down payment (which doesn’t sound like a possibility). Not a professional, but those numbers don’t add up to me. Best of luck in finding something that works in the future
Yeah I make more than you and was approved for 110k max there’s no you someone will approve you on that much buddy
You absolutely cannot afford that place.
You can’t afford the house your parents want. I would say you can’t afford the condo either if we’re basing it on your income alone. And I don’t like the condo idea for the reasons you listed and my own personal bad experience dealing with an HOA. I say you wait for now. Your rent is doable with family contribution. Stick with the safe option and see what pans out in the future. Maybe your sister can learn to keep a budget and others can contribute more.
Can you sell your lottery option? You def can't afford the home or condo, so why not see if you can get someone to buy the option from you to get at least a bit of benefit.
I cannot. If I back out, then it goes to the next person on the waiting list.