HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $240,000 HOME?

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $240,000 HOME? With a low credit score, let's figure out the perfect loan program and dive in. And the perfect loan program with a 580 credit score is going to be an FHA mortgage. This is because of the static mortgage insurance they charge rather than the variable conventional. This is for a 30 year fixed FHA. So let's put in our purchase price of $245,000. We're going minimum down, which is $8,575 (3.5% down). For closing costs, I have this just roughed in at $10,000. However, this will vary based off of the title company you use, but the time of purchase and the county you purchase in. That means total cash out of pocket is not cover you'll have to bring in $18,575. For the payment, the PITI and MIP is $2,056 per month. And to find out if we're going to pass FHA guidelines to qualify, bare minimum, I need to multiply this by 2.2, which is going to put me just underneath the front end debt to income requirement. $4,524. That's how much I need to be making to afford this. Send me a DM if you'd like me to run out your scenario.