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

Evon Williams
Home Buyer

Answers (5)
NonRealtor
Other/Just Looking
23456

For a good estimate, divide the house value by 3

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

Good Luck

Mon Oct 27 2008, 14:17
Mel Gibson
Agent
Harker Heights, TX

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.

Mon Oct 27 2008, 12:40
Diantha Shaffer
Agent
Killeen, TX

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.

Thu Feb 14 2008, 20:44
Pam Winterbauer,...
Broker
San Ramon, CA

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.

Tue Aug 14 2007, 19:56
Susan Walker
Broker
Oklahoma City, OK
FIRST ANSWER

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.

Tue Aug 14 2007, 19:51

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 14
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback