What should my annual income be if I want to buy a home in Jacksonville @$200,000 price point? I’ve got average debt (credit card bills)w/good

Asked by Raymond Scott Sexton, Jacksonville, FL Tue Jun 10, 2014

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Michael Jose…, Home Owner, Gulf Breeze, FL
Tue Jun 10, 2014
It depends on income and debts. I personally wouldn't purchase something up to the amount I'm approved to. I'm approved for much more than I would spent. You have to take into account to cost of owning a home, repairs and emergency account. Also if you are planning on having kids soon the add costs. You can use mortgage calculator online and enter the amount with down payment, interest rate ect to figure out what the monthly payments would be with insurance and PMI. With that add up those costs plus all other costs ie. car payment and insurance, internet and cable, cell phone, amount spend on food a month and gas. You can get an idea and figure out what your approx total costs would be just for basics at the price.

People tell you find out how much you can get pre approved for but I would advise to be careful if thinking about spending the amount you have been approved for.
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Gary Hitchco…, Agent, Coral Springs, FL
Tue Jun 10, 2014
I would ask your Realtor for a referral to a lender that he/she uses. Buying real estate is a team approach and the Realtor is the coach.
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Benjamin Mac…, Mortgage Broker Or Lender, Tampa, FL
Tue Jun 10, 2014
The basic rule of thumb is that your overall debt ratio should not exceed 45% of your gross income. However, understanding what an underwriter is going to determine as your actual gross income is the first trick plus there are several other factors at play like loan amortization, down payment, etc. I would be more than happy to do a quick pre qual over the phone and I can give you some basic information that can set you off in the right direction.

Feel free to reach out to me any time between 9 am and 9 pm - 7 days. Thanks Raymond!
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Sally Grenier, Agent, Boulder, CO
Tue Jun 10, 2014
Only way to know for sure is to contact a local lender who can review all of your financial info. Impossible for anyone here to give you an exact answer. Good luck!
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