All Forum Posts by: Joel Allen

Hi @Edward Zachary Samperio

It will be great to have you join us here in San Antonio!  I'm a military veteran that came to San Antonio in 2018 as part of a military PCS and loved it so much, we decided to make it our permanent home.

I'm also a fellow real estate investor and a mortgage lender, so I'd be happy to be resource for you as you're preparing to make your move here.  I'll send you a message so we can connect.

Welcome, in advance, to SATX!

Hi @Dustin Poole,

It sounds like you and your wife are taking the right steps to prepare to purchase a home (strong income, no debt).  Here's a quick look at how we'd calculate your debt-to-income.

Income:  $150K, which equates to about $12,500 per month

We'd likely need to exclude the $50K sign-on bonus from your income calculation since it will expire at the end of this year.

Monthly Mortgage Payment: $3,755 per month.  Breakdown of estimated monthly payment is below:

- Principal + Interest = $2,635 per month

- Property Tax = $870 per month

- Homeowner's Insurance = $250 per month

Keep in mind...there are a LOT of assumptions I made in this calculation. This is assuming a 20% down payment, which eliminates PMI. It assumes a 7% interest rate, a 720+ credit score, and I didn't factor in any HOA fees. So, we'd definitely need more info to really nail down the number.

Debt-to-Income Ratio (DTI) = $3,755 monthly debt / $12,500 monthly income = 30.0% DTI

This should put you in a very good position to qualify for a mortgage. Depending on the mortgage type, it's possible to be approved for a mortgage with a DTI in the high-40's (and sometimes even higher).

I'll send you a message...happy to help discuss your situation in a bit more details if you'd like.

@Corey Gilroy

In the Houston area, I’d recommend connecting with @Taj Akinbode

He‘s a great investor-focused Realtor in Houston, and he’s active here on BP.

@Stevenson Alexis

If you’re interested in the Houston area, I’d recommend connecting with @Taj Akinbode

He’s a great investor-focused Realtor in Houston and is also active here on BP.

@Kevin Cullen

If you decide San Antonio is the right market for you, I’d recommend connecting with @Hamp Lee III

He’s a great investor-focused Realtor here in San Antonio, and is also very active here on BP.

@Erika Scheuch

If you’re interested in Houston, I’d recommend connecting with @Taj Akinbode

He’s a great investor-focused Realtor in Houston, and he’s active here on BP.

@Hamp Lee III -- Thanks for the mention.

@Derrick Stenson -- Hamp is exactly right that qualifying for a mortgage when you will be exiting the military within the next 12 months has some challenges, as your current active duty pay likely will not be able to be used as qualifying income.  A few considerations you'll want to talk through with a good lender:

- Are you separating from the military or retiring from the military?  Military retirement pay is a qualifying source of income once you begin receiving it.

- Any VA disability compensation is a qualifying source of income once you begin receiving it.

- Do you have a firm, documented job offer from a company that will be hiring you after you exit the military?  If so, that may be an avenue to qualify.

- Will you be transitioning into a career that is related to your current MOS/AFSC in the military?  If so, that will be beneficial in building a qualifying employment history.

@Clay Asplundh

I recommend @Taj Akinbode.  He’s a great investor-focused Realtor in Houston.

@Hamp Lee III - Thanks for the mention.

@Ajibola Talabi - I’d be happy to set up a time to talk with you about your homebuying goals, crunch some numbers, and help develop a financing strategy that best fits your situation.

@Alexander Small

I'd like to commend you on your big-picture mindset and vision...I wish I would have been thinking the way you are when I was 19 years old.

From a lender perspective, there are a variety of considerations that immediately come to mind based on your situation:

- Your current income may enable you to purchase a single-family home, but the price point on a multi-family here in San Antonio likely will push your DTI above the limits of qualifying. However, if the family member you mentioned is willing to be a non-occupying co-borrower, that could increase your purchasing power.

- FHA does have somewhat flexible guidelines on where gift funds can come from, so there should be no issues with the family member providing those funds as long as it's property documented.

- Based on your income & first-time homebuyer status, you may qualify for a down payment assistance program.  Texas offers these programs through TDHCA, TSAHC, and SETH.

- FHA guidelines require student loans in deferment to be calculated toward your DTI at a rate of 0.5% of the outstanding loan balance each month.

- If you purchase a 3-unit or 4-unit property with an FHA loan, the property will need to pass the FHA Self-Sufficiency Test.

Let me know if you'd like to talk in detail about your situation and help nail down a specific plan.

If you're looking for a great real estate agent here in San Antonio to assist you as well, I'd recommend connecting with @Hamp Lee III