question about real estate?
I wanted to know if i buy a home in Beverly Hills, California priced close to 3 million is it possible to buy this home if i make between 135-190 thousand a year? Also what would the average payments be for a home like this?
No, it is not possible - assuming you make $200,000 a year, the most you qualify for is a mortgage of $600,000 - you would have tocome up with teh last $2.4 million in cash.
And just so you know, a jumbo loan at 5.7% annually foro 30 years on $3 million brings with it payments of $17,500 per month. That does not include property taxes or homeowners insurance which would probably be another $1,000 or more a month, so $18,500 which is more than you make.
Beverly Hills Real Estate Tour, 1950s
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