Salary To Afford 500K House

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How much to qualify for 500K mortgage? Asked by Anthony W, Waipahu, HI Mon Aug 31, 2015. I’m a veteran interested in using my VA home loan to purchase in the Kapolei area. I’ve been using mortgage calculators found online and it seems that making over 115k annually doesn’t buy you much here in Oahu.

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Rule of Thumb: Take 4 times your annual salary (combined income if you are married) to determine how much house you can afford. If you and your spouse make $120,000 combined, you can purchase a house for $480,000.

So to afford a $500k home, you’d want to make around $167k per year. That is a starting point – it assumes you’re putting $100k down (20%); otherwise the estimation would change significantly. As a general rule, you’ll need 5% down, even with private mortgage insurance.

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Really depends – I’m in Ohio and my property taxes are 2.2 % of the house value which is like $1000/ month on a $500k house. I can only imagine California is higher. Insurance in Ohio is like $2500 a year for a $500k house so like $290/ month. Again California is probably higher. I don’t have HOA fees.

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When it comes to shopping for small things, like a new pair of boots or a nice dinner out, we tend to rely on our gut to judge how much we can afford. $600 for a pair of boots just feels wrong. But when it comes to buying a house, the biggest purchase you’ll likely ever make, a little more thought is in order.

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I think that house might be a bit much given your current income. You’ve made great decisions so far but too much house will just leave you house poor in your early 30s which will impact your ability to save and invest like you have been. As far as what you can afford – I always try to stick to 2 2 – 3x household income.

Minimum Down Payment For Conventional Mortgage 3 types of loans that can help you buy a house when you can’t afford a full down payment – often with a lower interest rate than a conventional mortgage. This loan requires no down payment and no mortgage insurance,Bankruptcy Home Loan Lenders Buying a Home After Bankruptcy. Mortgage News from Quicken Loans brings you breaking home financing and home buying news, keeps you abreast of changing mortgage rates, and provides helpful tips for homeowners. Subscribe to Mortgage News today!

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