Home Buying in 15235>Question Details

Oj, Home Buyer in Allegheny County, PA

how much or how little yearly income do i need to make in pennsylvania to purchase a home for $97250?

Asked by Oj, Allegheny County, PA Mon May 14, 2012

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That depends on the type of loan that you are going for (government subsidized or non-subsidized), how much other debt you have, and what the taxes/maintenance are on the dwelling, etc. It is best to get pre-qualified by a lender to get an amount that is right for you. Consider what you currently pay for rent and if you feel you could afford more or less. At 4% for 30 years, the mortgage payment on $100,000 would be about $478. Figure about $250-$300 more for taxes and insurance. Some lenders want no more than about 29-31% of your yearly income going toward a house payment and no more than 41-43% of income going toward all debt. These are called debt-to-income ratios. If you have more questions, you can email me at Virginia.Stump@remax.net.
1 vote Thank Flag Link Mon May 14, 2012
Virginia gave an accurate answer. I gave it a thumbs up. But in most cases we do not loan money. Also there are many factors that can change these numbers. There are volumes of books on the subject. That is why there are loan officers. I recommend you contact one and find out. I often use Jon Tebay for my clients in Allegheny County, at 412-352-2107. He will tell you where you stand, usually the same day and what you can do get a better rate if that applies as well.
My Best to you, Benny Smith
0 votes Thank Flag Link Tue May 15, 2012
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