Salary To Buy 300k House – Written by David McMillin Written by David McMillinarrow Right Contributing Writer David McMillin is a contributing writer and covers topics such as credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and lose weight. David McMillin
Edited by Troy Segal Edited by Troy SegalArrow Right Senior Homeownership Editor Troy Segal is the Senior Homeownership Editor, focusing on everything from maintenance to increasing ownership and wealth. Troy Segal
Salary To Buy 300k House
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If you earn $100,000 a year, you’re well on your way to six-figure salary territory. However, if you’re a homeowner, that much money may not be enough.
According to a recent PYMNTS/LendingClub survey, 48 percent of people making $100,000 or more are living paycheck to paycheck. And recent economic trends have not encouraged big-ticket sales. Between high inflation and mortgage rates set to double starting in 2022, buying a home can be a difficult goal to accomplish on a $100,000 budget.
It’s a difficult goal, but not impossible. Here are some ideas to help you decide how much house you can afford.
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As a basis for your budget, consider following the 28/36 rule – a common personal investment method. This means that you should spend no more than 28 percent of your income on housing costs and no more than 36 percent of your income on your loan.
If you earn $100,000 a year, your average monthly (gross) income is $8,333. So your mortgage payment is $2,333 or less. Then, the rest of your debt—car payments, student loans, credit cards, and other balances you’re working to pay off—shouldn’t exceed another $667 a month: so the 36 percent is irrelevant in the comparison. . Over $3,000.
However, there is more to thinking about how to buy a house than those two percentages. You have to consider many other variables, including how much money you have in your savings account, how much you pay in homeowner’s insurance and property taxes, how long you want to pay off the loan, and how much money you are spending on other debts. A new home calculator can help you do the math. For example, if you can put down $20,000, you can buy a home for up to $409,000 with a 30-year mortgage at 6 percent interest.
Your salary is not the only part of evaluating your purchasing power. Think about these other important factors to know what you should borrow to buy a new home.
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Your credit score is the basis of your mortgage application. While conventional lenders (banks, credit unions, etc.) will accept borrowers with credit scores as low as 620, some FHA lenders will accept credit scores below of 500, these low numbers translate into high prices – which can hinder your purchase. authority. A mortgage calculator shows that paying a 7 percent interest rate on a $320,000 loan is $200 more than paying the same loan with a 6 percent interest rate.
“Before banks or mortgage lenders give you a loan, they look at the whole picture of your financial life,” said Will Hendricks-Griffin, a senior vice president at Chicago at PNC Bank. “Lenders want to know how well you’ve managed your current debt. Are you paying your bills on time? Are you spending too much on your credit cards? It’s important to people make sure you don’t overburden yourself by adding mortgage payments to your personal finances.”
Lenders will look at your debt to income (DTI) ratio – the number that represents 36 in the 28/36 rule. Some lenders may accept a 50 percent DTI, but they see high levels of debt—especially high-interest credit cards—as a sign of high creditworthiness.
“In addition to your credit score and income, lenders will look at your employment history,” Hendricks-Griffin says. “It’s also important to show lenders that you have a solid, reliable, long-term work history. This shows the lender that you have a good chance of being hired in the future. “
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How much of that $100,000 salary could you put into a savings account? If you can afford a large down payment, you can lower your loan-to-value ratio, which is the amount of money you owe divided by the value of the property you want. to buy. Lenders like to see an 80/20 LTV requiring a 20 percent down payment. So, on a $400,000 home, you’ll need to put down $80,000 in down payment and still have money left over to cover your closing costs. Consider the difference in your monthly down payment on a $450,000 home:
Depending on your $100,000 salary, you’ll need to put 20 percent down to meet the 28/36 rule — or find a cheaper home. (Note that this example does not include common home buying costs, such as property taxes and homeowner’s insurance, that affect your budget.)
If you can’t get a 20 percent down payment, that’s okay. Finally, you can buy a house with a small amount of money – like 3 percent of the purchase price of a standard loan – in your bank account. However, in this case, you need to add private insurance premiums (PMI) to your budget, which can add hundreds of dollars to your monthly payment. For example, 5
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