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How much of a home loan would I qualify for making $40,000 a year?

14 Mar
 
6 Comments

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  1. Ryan M

    March 14, 2010 at 6:43 pm

    depends on your down payment and other debt

     

  2. Reena

    March 14, 2010 at 7:04 pm

    Conservative: 3 times yearly gross income. = $120,000 mortgage.
    Add your downpayment to this and you will know what kind of house you can afford.

     

  3. Ask Me Anything

    March 14, 2010 at 7:56 pm

    about 120k. But, it depends on your down payment etc.

     

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    March 14, 2010 at 8:38 pm

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  5. lathom01

    March 14, 2010 at 8:48 pm

    It doesnt matter how much you can qualify for. It’s how much can you AFFORD? This is where people make their worst mistakes….they let the banks tell them what they can afford. And, many times, people are fudging a little on their incomes and not divulging information about all their other bills. The banks can see your credit report, but they cant see the things that arent ON the report but still cost you money (like cable, internet, electricity, gas, water, trash service, groceries, and the list goes on…). If you get approved for a loan of $120,000, first of all you have to figure in (on average) about another $120 a month for homeowners insurance, another $75 (+/-) a month for PMI, and another (roughly) $200 a month on property taxes. With no money down and with an average interest rate (assuming your credit is decent) you would be paying about $900-$1000 a month for a home that costs $120,000. (This all varies GREATLY depending on where you live, but you get the idea…). NEVER use the bank’s approval amount as your free reign to go buy a house for that amount, unless you have first analyzed your own finances and worked out a budget. I would be more apt to say that, with an income of $40,000 a year, you could likely comfortably afford a home that costs closer to about 80-90 thousand. But, again, only YOU know what you can afford….not me, and certainly not the banks.

     

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