HELP! I Want to Buy a House But I Only Have $35K and a 670 Credit Score? Sacramento Real Estate

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Mark McDonough Team - Sacramento Real Estate

2 ай бұрын

Today we break down a deal of a client that is looking to buy into the Sacramento real estate market with little to no down payment. We will break down the numbers and see what he qualifies for in the Sacramento housing market just for you. $35K in the bank and a 670 credit score to buy a house priced at $730,000. How does this look and does it even pencil?
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Mark McDonough
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Coldwell Banker
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Пікірлер: 14

@SacNative-xq4oc 2 ай бұрын

I enjoy watching this video as was a great conversation to note how homebuyers need to decide how much they are willing to spend. However, after seeing this video I have a better understanding of how "rich" well off your main client demographic may be in relation to the median Sac County HHI. I looked up who bought 1220 Turnberry Lane in Roseville and saw they put down $360,000 to buy that property that was only on the market 3 days. If Joe and his GF net $135K then they likey gross $200K which is well above the Sac County median HHI of about $85K . The average Joe in Sacramento County in 2024 could not afford to put down a 49% down payment.

@SacramentoRealEstate 2 ай бұрын

Fair point but our intent is to pick different areas, price points and situations so that everyone will understand the process. Our clients are all across the board right now. Turnberry seemed like a good place to start and we wanted to show how someone even if they did not have perfect credit and not able to put 20% down might be able to buy this home. That being said...how did you like the format? I learn better via examples so I was hoping that this might help people understand the steps. Joe was clearly a fictitious person but truthfully their are a lot of those type of buyers out there and the process of buying a home is daunting.

@thenewwayhome 2 ай бұрын

Thanks for watching. Maybe we left out an important detail (we had to rerecord the whole thing when we realized my mic was off LOL). Joe represents most of the buyers we are seeing in the region. That would be people who live in the Bay Area (high cost) and relocating to Sac (used to be low cost, now just not as high as SF Bay Area). You are absolutely right though, most people in the Sac region are not pulling in $200K, whereas many are in the SF area. So they bring that SF income here and live like kings. Sucks for us locals but it's the market we live in.

@fxdnny 2 ай бұрын

Not sure what’s more engaging the conversation or seeing Aaron without facial hair 😊

@hangguy209 2 ай бұрын

For real. I felt betrayed somehow.

@crw1490 2 ай бұрын

I knew something was off!!

@SacramentoRealEstate 2 ай бұрын

His wife finally made him shave it :)

@SacramentoRealEstate 2 ай бұрын

We always try to change up the show lol

@thenewwayhome 2 ай бұрын

LMAO my daughter kept asking me to shave, so one day I finally did. Then all I've heard since from her is how I look like her little brother. Bringing the beard back!

@annenicolaou8132 2 ай бұрын

With your hypothetical situation with Joe Smith, I’m wondering if the house is going to be in his name only? I’m wondering this because they have plans to marry.

@SacramentoRealEstate 2 ай бұрын

Now that is $1 million question

@Flamaiz 2 ай бұрын

Hi Mark, I hope you're doing well. I've recently worked on re-editing one of your videos and would love to share it with you for feedback. I've tried reaching out before but haven't heard back. Could you please let me know how I can send it to you? Thank you!

@SacramentoRealEstate 2 ай бұрын

Appreciate the support

@Flamaiz 2 ай бұрын

@@SacramentoRealEstate Hi Mark, thanks for replying, but as I have re-edited one of your video, could you please let me know how can I send it to you ?