With an FHA loan, you can buy a home with as little as 3.5% down, but your income still matters because lenders look at your debt-to-income ratio. Here’s a quick estimate:
- Home Price: $300,000
- Down Payment (3.5%): $10,500
- Estimated Monthly Mortgage (Principal + Interest + Taxes + Insurance): ~$2,200
💰 Income Needed
- Rule of Thumb: Lenders want your total housing costs to be no more than ~31% of your gross monthly income.
- Monthly Payment: ~$2,200 → You’d need a gross monthly income of about $7,100, which is roughly $85,000/year.
💡 Tip: With first-time buyer grants or down payment assistance, you could lower the amount you need upfront, which also reduces your income requirement.
💬 Our Take
FHA loans make it possible to buy a home even if you haven’t saved a huge down payment, but we’ll help you calculate your exact number based on your debts, credit score, and any grants you qualify for.
📲 Call or text us today at +1 (347) 831-6085 — let’s see what you qualify for and get you into your first home without the guesswork!