HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $465,000 HOME?

@realmortgagementor

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Promoted product

E Mortgage Capital Inc.

Why it worked

The video provides a clear, step-by-step breakdown of the financial requirements for purchasing a home, addressing a common concern for potential buyers. It uses on-screen text and calculations to make complex information easily digestible.

Summary

This video explains the income required to afford a $465,000 home using a Home Ready program. It details the down payment, closing costs, and monthly payments, highlighting how credit score affects mortgage insurance premiums.

Structure

1Introduction to the home price and program
2Calculating down payment and closing costs
3Determining total cash needed for closing
4Calculating monthly payments (PITI + MI)
5Explaining the debt-to-income ratio requirement
6Calculating the necessary monthly income

Product placement

E Mortgage Capital Inc. (appears as a watermark and in the creator's bio, provides mortgage services, removing it would not change the video's content) NMLS 1439141 (appears in the creator's bio, a regulatory identifier, removing it would not change the video's content) EMC NMLS 1416824 (appears in the creator's bio, a regulatory identifier, removing it would not change the video's content) http://www.nmlsconsumeraccess.org (appears in the creator's bio, a website for checking mortgage loan originator information, removing it would not change the video's content)

Original caption

How much do you need to make to afford a $465,000 home? - ##realestate##mortgage##mortgagetips##homebuyer##homeownership- E Mortgage Capital Inc. NMLS 1439141

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Call to action

Send me a DM if you like me to run your scenario

On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $465,000 HOME? FICO 700 30 Year Fixed Home Ready 465,000 Purchase 13,950 D.P. (3%) 14,000 C.C. 27,950 c to c PITI +MI .95% .45% 760 36,761m 8,170 income per Send me like me scenario

Transcript

Here's how much you need to make to afford a $465,000 home purchase. Let's dive in. So we're working with 465,000 purchase and I love going for first-time home buyer programs. So I'm going to do this under Home Ready. Great part about Home Ready is you can just do 3% down, less than the FHA minimum. So that makes $13,950 our down payment. And closing costs run in here at about $14,000. However, this will always vary based off of your state and the time you purchase. So always check. Let's say the seller is not willing to cover any portion of that closing cost. To do that, you're going to bring in $27,950 your cash to close. Now for the payments, principal, interest, taxes, insurance, got to include all those. But don't forget mortgage insurance. Only 3% down payment. Now, if we keep it at 700 our credit score, our insurance factor is going to be 0.95%. That's like extra paying. Let's instead get up to 760. Cross that out. Insurance is only 0.45%. That's for scores. That makes our total including everything $3,676 per month. Now to qualify for Home Ready, we must hit a 45% debt to income ratio. So, right at 45%, we need to be making $8,170 per month. And this would be Home Ready income per.