Dually Licensed Chad Bush
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The median sales price of a home isn’t quite $1.5 million. In Orange County, it’s closer to $1.2 million, and in Los Angeles County, it’s about $900,000. And not all cities have such high prices either. For example, in Orange County, cities like Anaheim and Santa Ana offer more reasonably priced homes.
However, even in these more affordable areas, a combined salary of $150,000 might still make it challenging to find a 3-bedroom, 2-bathroom, single-family home with a garage. It might be worth considering smaller options, such as condos or townhomes, which tend to be less expensive.
Paying off car loans before purchasing a home could also significantly lower the debt-to-income ratio, allowing them to qualify for a larger loan. Additionally, considering a government-backed loan, particularly a VA loan if eligible, could be a beneficial option when it comes to financing a home.
Overall, you’re right that home prices in Orange County and Los Angeles County are quite high, which can limit options for new homeowners. However, if the couple is willing to be flexible with home size and location, there are still viable options. Starting with a smaller home and upgrading later as income increases is also a good strategy.
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This article gives a detailed breakdown of the VA loan program and has lots of great info on what potential borrowers can expect.
https://chadbushre.com/everything-you-need-to-know-about-va-loans/
chadbushre.com
VA loans are a fantastic opportunity for veterans and service members to purchase a home with no down payment and competitive interest rates. Backed by the