HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $335,000 HOME? 🏡 💰

@realmortgagementor

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SoundTikTok sound · Roxanne - Instrumental

Promoted product

E Mortgage Capital Inc.

Why it worked

The video provides a clear, step-by-step calculation for a common financial goal (homeownership) using a specific, accessible program (Home Ready). The use of on-screen text and a notepad visual aids comprehension, making complex financial information easy to digest.

Summary

The video explains how to calculate the minimum income required to afford a $335,000 home using the Home Ready program. It breaks down the down payment, closing costs, and monthly payment (PITI), then multiplies the monthly payment by 2.3 to determine the necessary annual income for qualification.

Structure

1Introduce the question: affordability of a $335k home.
2Explain the Home Ready program with 3% down.
3Calculate down payment and closing costs.
4Calculate the monthly payment (PITI + PMI).
5Determine the required income by multiplying monthly payment by 2.3.
6Offer to run personalized scenarios via DM.

Product placement

E Mortgage Capital Inc. (ACTS - it is the entity providing the mortgage services discussed, and its name appears on screen and in the caption. Removing it would change who is providing the service being discussed.)

Original caption

How much do you need to make to afford a $335,000 home? - #realestate #mortgage #mortgagetips #homebuyer #homeownership - E Mortgage Capital Inc. NMLS 1439141

More from @realmortgagementor

Call to action

Send me a DM if you'd like me to run your scenario.

On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $335,000 HOME? 🏡 💰

Transcript

Morgan Orr: How much do you need to make to afford a $335,000 home? $335,000. Let's dive in and figure out the minimum we need to qualify. Today we're going to look at a Home Ready program, which is a conventional loan with just 3% down as far as the minimum contribution. $335,000 is our purchase price. $10,050 down payment (3%). $10,000 closing costs. Rough estimate in at $10,000. This is our cash to close. Now for the payment, we have our principal, our interest, and taxes and insurance, but also with insurance, mortgage insurance, which I have calculated now at 0.31%. So this everything at the door. We have $2,715. This is our monthly payment. To qualify for Home Ready, we need to multiply this number by 2.3. And now we get $6,245. This is the income needed to qualify for this program. So this is our monthly payment. To qualify for Home Ready, we need to multiply this number by 2.3. And now we get $6,245. This is the income needed to qualify for this program. Send me a DM if you'd like me to run your scenario.