Are First-Time Home Buyers being Squeezed Out? Local Mortgage Expert: "No"

Cathy Baker of Houston's Baker Mortgage says it can depend upon their current debt..."I saw something where it said you need to have a 6-figure income to afford to buy a house. That's simply not true. It's also going to depend on what other kind of debt you have to factor in." Baker says even paying off your car can make a big difference. "Someone with a $65,000 annual income and no debt - can qualify for a $275 house!"

Dogs Drive Millennials' Home Buying Decisions

And she says don't let today's interest rates scare you. "Remember: You're MARRYING the house --- you're only DATING the interest rate! You can always re-finance if rates go lower." Baker says the Greater Houston market is looking good for buyers. She says there's a good amount of inventory available now - and that's a good thing.

Unlike California, New York, Florida, Washington and a host of other states, Texas doesn't even make the Top 20 U.S. States for home prices.


House for sale, price reduced. Real estate sign. Front yard.

You don't have to have a 6-figure income to buy your next home.Photo: Getty Images

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