Financing in 76548>Question Details

Evon Williams, Home Buyer in

how much does your annual income have to be to purchase home for 180,000?

Asked by Evon Williams, Tue Aug 14, 2007

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your down payment is a large factor in the calculation of how much annual income is required. work with a lender who will explore all of your options................
0 votes Thank Flag Link Sat Apr 6, 2013
tough question to answer. it really depends on the whole picture:
-credit history
-employement history
-savings/down payment

FHA financing will be the most aggressive as far as debt to income ratios are concerned. i have closed deals with 42% front ratios (housing payment divided by your gross monthly income) and 56% back ratios (total debt to income ratios). It is also more linient with credit scores.

Conventional financing, it is harder and harder now to get approval over 45% total debt to income ratios, especially with lower down payments (almost impossible to get MI). if you would like to discuss your specific situation, please email me at

0 votes Thank Flag Link Sat Apr 6, 2013
I work with a great, local lender that can work with us to get you the best answer to this question. It is a combination of income and debt to income along with an ever-changing list variables. A good rule of thumb is that your monthly income should be about three times what your house or rent payment is. I recently closed a VA sale of $179,900 with no money down and their payment was around $1300 per month for the mortgage, taxes and insurance payment.
Call, text or email me. I would love to earn your business.
Barry Hinshaw, Realtor
0 votes Thank Flag Link Sat Apr 6, 2013
your income requirement depends on the down payment; 3.5% or 20%, 30%. work with a lender to give you more details.
0 votes Thank Flag Link Fri Mar 29, 2013
For a good estimate, divide the house value by 3

180,000 divided by 3 = $60,000 gross income

Good Luck
0 votes Thank Flag Link Mon Oct 27, 2008
The best bet is to always look to a lender first. Check with your realtor to get a list of lenders that can help you get pre qualified for a home that will not only meet you/your families needs, and that you feel comfortable with the monthly mortgage payments.
Your debt to income will factor in as well.
This is never a cookie cutter answer and it can vary with each buyer and buyers situation.
0 votes Thank Flag Link Mon Oct 27, 2008
Your most accurate answer will come from a lender. However, as a general rule of thumb, if you had no debt the cost of your monthly mortgage, interest, property taxes, and insurance should equal no more than about 31-34% of your gross monthly income. To get the cost of your monthly mortgage and interest you'd have to know what interest rate you qualified for and how much the total loan is for. Say the loan was for $180k at 6% interest with about $399 per month for taxes and $80 per month for insurance, that would equal about $1559 per month. 31% of $5000 gross monthly income is $1550. Hope this information helps. If you get to the point that you want to speak with a mortgage professional I can give you a few referrals to local lenders that my past clients have been satisfied with and I can help you with purchasing a home.
0 votes Thank Flag Link Thu Feb 14, 2008
That is a good question with may variables. First suggestion would be to talk with a lender. If you do not have one, get a referral from family or friends. The variables are your income, credit (FICO) score, debts and down payment. Based on this you will be given a range depending on the type of financing that will suit you. Good luck.
Web Reference:
0 votes Thank Flag Link Tue Aug 14, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
You need to talk to a lender because it will depend on your income to debt ratios, down payment, credit score, etc... You are going to get a lot of referrals for lenders but buyer be ware. Luckily, mortgage brokers are regulated in Texas. Get a least 3 opinions from reputable lenders/banks and if possible get at least one quote from a bank you already do business with. Any lender/bank should be able to pre-qualify you quickly.
0 votes Thank Flag Link Tue Aug 14, 2007
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