Your boyfriend makes $19/hour which is $760 a week (before taxes) which is $3,040 a month before taxes. Take out 20% for taxes and he brings home $2,432 - his take home does not even cover the mortgage payment, never mind his car payment, utilities, food, car insurance, gasoline, etc.
Edit:
And just so he and you know, no real estate agent is going to take him to see a $490K house - the agent will ask how much he makes, do a back of the envelope calculation of how much he can afford and show him houses in that price range (no agent is going to waste time showing a house he can never buy at this point) - OR - the agent will ask him to get pre-approved so they have a better idea of his actual price range (that $500 payment will more than likely bring down his affordable range since it is 16% of his salary - the back end ratio lenders want to see is no more than 36%...meaning his mortgage payment should be no more than 20% of his pay - about $600 which gets your boyfriend about a $70,000 house (I assume his $500 car bill is his loan and not all the expenses).
YOU dont need to tell him anything. He obviously doesn't trust you. There are several things pointing to him having a HUGE ego, lots of warning signs. He should have a talk with his bank, but dont tell him that becuase he wont listen to you. The banker will LAUGH at him, seriuosly, his car payment is way more than he can afford! SO. You make sure you never sign anything with him - no house note, no car loans, no sharing credit cards, not on a lease with him, nothing! He is going to go bankrupt soon and it wont be pretty so just make sure he doesnt take you down with him.
He makes $760 a week, using the salary converter. He earns $39,628.67 per annum, but it depends how many he has been working for that wage. With $760, $500 out leaves him with $260 a week so not much really.
With $260 a week, he will bring home $13,557.14 per annum. Really, he is looking at far too expensive houses but he might have the cash as I don't know his bank accounts.
It's nice to dream, but unless he has around $400,000 saved up for a down payment and closing costs, 490K isn't going to happen. He'd qualify for a little over $100,000 morttgage if his credit is good and he has a down payment saved up. Suggest that he go to a bank and talk to them about getting pre-qualified. Maybe they'll give him a reality check.
You need to break the news to him in a more finite manner. Show him an affordability calculator and let him enter in the information himself. I estimate he can afford a mortgage between $94,000 and $106,000 with his present debt.
He could probably borrow about $120K, he makes about $40K. So unless he has $350K to put down, he can't come anywhere NEAR affording a $500K house.
He can afford $120K plus whatever he has to put as a down payment.
He can afford a mortgage around 110k
He is going to need a HUGE downpayment!
Why hasn't his agent told him to stop wasting his time?
Ok and it's true those retailers are pricey.
Ok I worked in a bank for a few years and understand how expensive "living" can be in general. I lived with an ex boyfriend in Hoboken NJ for years and saw bills come in.
My boyfriend now makes $19 dollars an hour and works 40 hours a week.
I know mortgage companies look at bills and loans you have out. He also has a $500 car bill, verizon bill etc. Along with the closing costs .. how expensive of a house can he look at?
He keeps looking at houses that are $490k .. I told him he doesnt understand he can not afford that and he refuses to listen to me.
