How do people afford to buy a home on the coast?
Everywhere I look, homes are priced at $500,000 and above. I want to live near the beach and I know that coastal properties are good investments because the value usually increases over time. I have good credit 700+ but my income is probably never going to be higher than $40-$50k. With my fiance's income too it will be $90-$100k. Is it possible to buy a home in a coastal town or am I dreaming? What do people do in similar situations? by thumbelina16 from Oakland, California. May 10th 2013
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Location, Location, Location... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
Try Morro Bay, CA area, you can get homes for $200-$300k pretty much right on the Beach. We own a Real Estate Company and Mortgage Company and can help you with both. It's a beautiful area. Contact me if you would like to discuss some details. P: 888-320-7888 - Ken@MortgagesforAmerica.org - Ken Burrows - www.MortgagesforAmerica.org
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
California coastal homes are expensive. Another area to look at would be Imperial Beach or San Ysidro, in San Diego county.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
get a realtor, they will take your specs and find you something.
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
Definitely use both incomes but you aren't limited to just you two being on the loan. You can add other family members as Non-Occupying Coborrowers with only 5% down payment to qualify if needed. There are other loans and programs that can help like Homepath, so get with a Lender411 loan officer and discuss your situation. Good Luck.
Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions
Which coast are you referencing? Seems the East Coast is way less expensive then the West Coast.
Jeff Riley (JRILEY)
#0 ranked lender in Massachusetts - 17 contributions
They usually apply a larger downpayment, have less debt and more income.
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