Questions First Time Home Buyers Should Ask Realtor First things first: You need to start a savings fund for your home purchase. “home buyers should. your real estate agent for broker referrals. Be sure to read online reviews as well, and don’t be.

It looks like you may be able to afford a home worth about 386,405 for a payment of about 1,300 per month /mo. $

Monthly income needed: $2,436.67. When considering the median home price by state, don’t pass up West Virginia. The salary needed to afford a house – just $29,240 – makes the state one of the best bargains in the country.

Expenses and income taxes in the city are substantial, especially if you have kids to bring up. So it seems to me you need to make significantly more than $250k to afford a million dollar apt in the city, or have a decent amount of cash on hand OR have a very, very secure income stream that is expected to rise as the years go by.

"From there, we plugged in Gross Household Income in $10,000 increments until we could afford the benchmark house price in each city," explains the company. "For example, in Vancouver the benchmark.

Determining how large of a house or mortgage you can afford is key when becoming. household income; monthly expenses (e.g. student loan payments, auto.

Pct of Income. (for housing) (results appear below) To afford a house that costs $400,000, you’ll need to make $65,474 per year before tax. This assumes a 20% down payment ($80,000), a 30-year mortgage at 4% interest, and spending 28% of your income on your mortgage payment.

regardless of their income. Some people can sleep soundly at night knowing that they owe $5,000 per month for the next 30 years, while others fret over a payment half that size. The prospect of.

Properties with wait lists scheduled to close are Hemlock Courts, Eastgate Terrace, Windemere Hills, Heritage House, S.W.

Now banks must just use a 2.5% buffer above the loan’s actual rate to work out whether a borrower can afford a mortgage or.

The more you have for a down payment, the more house you can afford and still stay within the debt and income limits. If you can make a down payment of at least 20 percent, you’ll also be able to buy more home because you won’t have to pay mortgage insurance, which costs anywhere from 0.20 percent.

What To Do When Buying A House For The First Time Fha Loans For First Time Home Buyers VA, FHA & USDA Home Loan Programs | First Time Home Buyer. – FirstHomeBuyers Program Advantage. We have over 25 years of experience helping thousands of first time home buyers achieve the dream of owning a home. · For someone who is thinking of buying a first home, the idea of saving enough money for a 20% down payment can be daunting. The good news is a first-time buyer can purchase a home with as little as 3% down – and even no down payment in some cases. [related: 7 ways to Pay Off Your Mortgage Quickly.