Most new buyers have just one question…how much can I afford? It seems simple but the truth is way more complicated. There are two components: 1) how much can you afford every month? 2) how much have you saved for your down payment? Depending on the real answers there are options. Here’s an example: let’s say you make $15,000 per month and have no debt. You could technically afford a 6,500 monthly payment which would equate to almost $2,000,000 house purchase. However, how much money do you have for down payment and closing costs? Let’s say $100,000. To be fair any million dollar housing option has higher taxes. So estimate 1-2% for closing costs covering closing, taxes and insurance. Any loan above $765.600 is considered JUMBO and requires 10% down payment. So even though you make enough for a higher monthly loan payment you are somewhat restricted by your down payment.

So if you take 1-2% from your $100,000 cash to cover closing costs that leaves $85,000. In JUMBO financing that means $85K is 10% equaling $850,000, not $2,000,000. Big Difference!

If your new income is a windfall, meaning it was never expected, use the first influx toward a short term purchase hat becomes an investment, them=n maximize your established income for a permanent purchase next year. Your life has options. Let us help you find your own road.


76-6190 Plumeria Road
Kailua Kona, HI 96740

Equal Housing Lender


Douglas Mallardi, Loan Originator NMLS#1612621

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3100 W. Ray Road. Chandler, AZ 85226
NMLS# 1660690

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