The answer depends on a few key factors: down payment, interest rate, and your debt-to-income ratio. Here’s a general guideline:
- 20% Down Payment ($80,000): You’d likely need a gross annual income of around $90,000–$100,000 to comfortably qualify.
- 10% Down Payment ($40,000): You’d need roughly $100,000–$110,000 per year.
- 5% Down Payment ($20,000): Usually $110,000+ in annual income is needed.
These numbers assume:
✅ 30-year fixed mortgage
✅ 6–7% interest rate (current average rates may vary)
✅ Debt-to-income ratio under 43%
At Trealtorr, we don’t just look at numbers — we look at your full situation. We help you:
- Explore programs and grants that lower your down payment or monthly payment
- Connect with lenders who offer the best rates for your credit and income
- Make sure your mortgage is comfortable, not just approved
📲 Call or text us today at +1 (347) 831-6085 we’ll see what programs and loans you qualify for and get you on your way to a $400,000 home!