Here’s the reality:
- Annual Income: $50,000 → ~ $4,167/month before taxes
- Safe Housing Budget (~30% of income): ~$1,250/month
- Estimated FHA 30-Year Mortgage for $300K (3.5% down, 7% interest): ~$2,200/month
💡 Conclusion:
A $300K house is probably out of reach on a $50K salary without additional help. Your monthly payment would likely be higher than what lenders consider safe, unless you:
- Get a substantial first-time buyer grant or down payment assistance
- Qualify for a special program with lower rates or reduced PMI
- Consider a lower-priced home
💬 Our Take
At Trealtorr, we help first-time buyers see the real numbers and find creative ways to make a home affordable.
Sometimes it’s grants, sometimes it’s finding a slightly smaller home in a hot neighborhood — but we guide you every step of the way.
📲 Call or text us today at +1 (347) 831-6085 — let’s crunch your numbers and see exactly what you can afford!