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[quote=Anonymous][quote=AgentX]You can't look at your income of $650K of what you use to qualify off of. As an agent I'm also self-employed, they use our net to qualify us. So I have approximately the same take-home percentage as you, the total into my hot little hands is 1/3 of the gross commission income I make after splits, expenses, taxes, etc. The reality is that for buying real estate, having a W-2 job is just easier to make fly because the income numbers are the same year in, year out. No variances.

Your income they use to qualify you is the $20K take home x 12 months = $240K. And on a $240K salary, someone could purchase a home (roughly) up to $750K - $800K.)

Now, to answer your question, I have a lot of clients looking now in Bethesda, Chevy Chase and surrounds. They are all the same level of frustrated you are. There is a lot of parent money out there, even with buyers in their 30's and 40's. It's not just mom and dad helping with that first condo down-payment. And millennials have tons of money. It's amazing. Their bank statements show $400K - $500K cash. I have clients twice their age without that kind of cash.

One other thing we have here is the ability for foreign buyers to purchase and when you have a buyer with $1M cash who needs a place to bury it, it puts the house prices out of reach for the rest of us. It...sucks. I'm sorry. I'm the shoulder to cry on right now for a few people in the same boat. I think the answer is to move further out. Rockville / Olney.

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This is bad advice. I have a similar financial situation to OP and I was qualified based on my full salary (650k+), not my 20k/month draw. [/quote]

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