{"id":50440,"date":"2021-06-15T17:38:14","date_gmt":"2021-06-16T00:38:14","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50440"},"modified":"2024-09-30T11:35:42","modified_gmt":"2024-09-30T18:35:42","slug":"the-basics-how-much-home-can-i-afford","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/the-basics-how-much-home-can-i-afford\/","title":{"rendered":"How Much Income Do I Need To Buy a House?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">How much do you need to earn to buy a house in 2024? The answer will largely depend on the average home price in your area. However, the formula used by lenders to determine loan eligibility is pretty universal. Here&#8217;s how to discover the salary you need to jump into home ownership.<\/span><\/p>\n<p>We&#8217;ve applied the following 5 principles in depth specifically on how much you need to make to <a href=\"https:\/\/www.movoto.com\/blog\/income-for-a-300k-home\/\">afford a $300k home<\/a> or a <a href=\"https:\/\/www.movoto.com\/blog\/income-for-a-500k-home\/\">$500k home<\/a>.<\/p>\n<h2><span style=\"font-weight: 400;\">#1 Debt to income (DTI)<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is a big one for lenders. While having a large income helps, lenders can&#8217;t approve you for a mortgage if most of your monthly income goes toward debt. That&#8217;s why they look at something called the <a href=\"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/\">debt to income ratio<\/a> (DTI) to see where you stand.\u00a0<\/span><\/p>\n<p><strong>A higher debt to income ratio will require higher income.<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">DTI is calculated by dividing your monthly debt payments by your monthly income. Lenders want to see a DTI of 35% or less.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some lenders will approve borrowers with DTIs up to 45% as long as everything else is strong.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">With FHA mortgages, DTI can be as high as 50%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Let&#8217;s say you make $4,000 per month. However, you&#8217;re paying $200 in credit card payments, $1,000 in rent, and $150 in student loans. This brings your DTI right under the line to 33.75%. There&#8217;s a good chance you&#8217;d get approved for financing with a conventional mortgage if you have strong credit or a decent down payment.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Your lender will also factor your new mortgage payment in the place of rent when determining DTI. Generally, lenders won&#8217;t allow you to buy a home that will cause housing to cost more than 28% of your monthly income.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">If your DTI is too high, it&#8217;s time to consider either cutting debts wherever possible or focusing on boosting income.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">#2 Down payment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The amount you put down plays a big role in whether you&#8217;re likely to be approved for a mortgage. That&#8217;s because your<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\"> makes your mortgage smaller in proportion to a home&#8217;s purchase price and displays financial stability.\u00a0<\/span><\/p>\n<p><strong>A smaller down payment will require higher income.<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A down payment is a percentage of the loan total.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The standard down payment on a conventional mortgage is 20%.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, you can put down as little as 3-5% on a conventional mortgage if you&#8217;re willing to pay private mortgage insurance (PMI).<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you&#8217;re getting an FHA loan, you may be able to put down between 3.5% and 10% based on your credit score.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">People who qualify for VA or USDA loans can put down 0%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A larger down payment generally means lower monthly payments over the life of the loan. A <a href=\"https:\/\/www.movoto.com\/mortgages\/calculator\/\">mortgage calculator<\/a> can help you determine how different down payment sizes impact your monthly total. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, putting 20% ($60,000) down on a $300,000 house brings your monthly payment to $1,717 with a 6.2% interest rate. If you put down just 10% with the same property taxes and insurance premiums in the mix, your monthly payment would be $2,000.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">#3 Interest Rate<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As many buyers learned after 2020, your interest rate can affect home affordability. A few different factors determine your interest rate.\u00a0<\/span><\/p>\n<p><strong>Higher interest rates will require higher income.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">However, individual borrowers are offered different rates based on:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score:<\/b><span style=\"font-weight: 400;\"> Lenders generally give better interest rates to low-risk borrowers with credit scores above 720.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment:<\/b><span style=\"font-weight: 400;\"> With a larger down payment offsetting risks for lenders, most offer better interest rates to borrowers who put down 20% or more.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan term:<\/b><span style=\"font-weight: 400;\"> While the 30-year loan is standard, interest rates are often lower with shorter <a href=\"https:\/\/www.movoto.com\/blog\/different-mortgage-loan-terms-mean\/\">mortgage loan terms<\/a>.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">#4 Type of income<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Lenders don&#8217;t just look at how much you&#8217;re bringing in. They&#8217;re also looking at how you&#8217;re categorized as a worker. From a paperwork perspective, that means how you file your taxes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember that a lender&#8217;s goal when approving home loans is to avoid risk. They approve borrowers who have the best chances of repaying loans in full. It&#8217;s easier to provide confirmation of income if you are a W-2 employee. During the mortgage pre-approval process, lenders will ask you to submit tax returns going back two years or more.<\/span><\/p>\n<p><strong>Non-W2 employees may need higher income and a longer history of income to qualify.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">If you are a self-employed or 1099 employee, you can still get approved for a mortgage. You&#8217;ll just need to spend more time providing proof of stable income. For 1099 employees, lenders generally want to see at least a year of stable income and documentation of year-to-date income. You may also be required to have a higher credit score to offset risk. For self-employed borrowers, you&#8217;ll need to provide at least two to three years of tax returns verifying business income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of your income counts when being approved for a mortgage. That includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Overtime pay<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tips<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commissions<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bonuses<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">#5 Non-employment sources of income<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Money from investments, Social Security payments, and military allowances can also be factored into your income when applying for a mortgage. If you receive child support or alimony payments, these totals can also usually count toward your income to help you qualify for a mortgage.<\/span><\/p>\n<p><strong>Alternative income sources may be counted as income.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">You might also use gift funds for your down payment, depending on loan type. This can boost home affordability by shrinking your monthly payments. Just make sure you&#8217;re following your lender&#8217;s rules for who can give you down payment funds.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How much do you need to earn to buy a house in 2024? The answer will largely depend on the average home price in your area. However, the formula used by lenders to determine loan eligibility is pretty universal. Here&#8217;s how to discover the salary you need to jump into home ownership. We&#8217;ve applied the following 5 principles in depth specifically on how much you need to make to afford a $300k home or a $500k home. #1 Debt to income (DTI) This is a big one for lenders. While having a large income helps, lenders can&#8217;t approve you for [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":50444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262,243],"tags":[136,80,49,176,202,64,111,182,85,198,178,83],"class_list":["post-50440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-selling","category-mortgages-loans","tag-affordability","tag-buyer-tips","tag-buying-a-home","tag-down-payment","tag-income-to-debt-ratio","tag-market-trends","tag-mortgage","tag-mortgage-calculator","tag-mortgage-loan","tag-prequalification","tag-preapproval","tag-real-estate-tips","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>These 5 Factors Affect How Much Income You Need To Buy A House<\/title>\n<meta name=\"description\" content=\"How much income do you need to buy a house in today&#039;s market? 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