What Income Do I Need to Afford a $200k?
March 28, 2024 – 11 min read
Expect to need at least $70K of income
A yearly income of about $70,000 is generally needed for approval on a 200K mortgage. Remember, though, that this is just a rough estimation, and it hinges on certain assumptions about the buyer’s financial circumstances.
The income you’ll need depends on several factors, including your credit score, debt-to-income ratio, and down payment amount, to name a few. Here’s how to determine whether your income level is enough for a $200K home loan (or possibly more).
Income needed for a 200K mortgage: Examples
We’ve done the math to determine the income needed for a 200K mortgage. We also thought it’d be helpful to demonstrate the home buying budget you can maintain for varying down payments, considering a $200,000 mortgage.
These are only examples and your own financial situation will be different. But you can use the numbers as a general benchmark when evaluating real estate prices.
Note that these scenarios assume a 6.75% interest rate for a 30-year fixed-rate mortgage. We also follow the 28/36 rule, which suggests to keep your housing expenditure under 28 percent of your income, while ensuring your total debt payments, which include housing costs, remain at or below 36 percent of your income.
$250K purchase price with 20% down
To illustrate how certain elements can influence your income criteria, let’s examine the situation of a 30-year fixed mortgage for a home valued at $250,000.
Assuming a 20% down payment of $50,000, you’d be left with a mortgage of $200,000. At an mortgage interest rate of 6.75%, your monthly payment including taxes and fees would be around $1,630. According to the 28/36 rule, your mortgage payment should not exceed 28% of your gross monthly income. Hence, assuming no other debt, you’d need a monthly income before taxes and deductions of at least $5,821, or an annual gross income of at least $70,000 to be eligible for the mortgage.
$222K purchase price with 10% down
If you’re not able to put down 20%, you might still qualify for a home but you’ll need to cap the purchase price at about $222,222 and while generating the same income.
Assuming a 10% down payment of $22,222, you’d again be left with a mortgage of $200,000. As we’ve previously stated, for this mortgage amount, you’d need a monthly income before taxes and deductions of at least $5,821, or an annual gross income of at least $70,000 to be eligible for the mortgage.
$206K purchase price with 3% down
What’s changed in this example? Let’s say, you’re only able to put down a small down payment of 3%, which brings your purchase power down to a home value of about $206,185.
In order to keep your home loan at $200,000, you’ll need to put down about $6,185, which is 3% of the purchase price. At an interest rate of 6.75%, your mortgage payment would end up around $1,630 per month. Again, just like in the examples above, you’d need to make least $5,821 per month, or an annual gross income of at least $70,000 to be eligible for this mortgage.
You can run your own scenario using our home affordability calculator. Though keep in mind, you’ll only know your exact budget after you talk to a lender and get your finances approved.
Income isn’t the only factor for mortgage qualifying
Of course, mortgage lenders take your income into account when deciding how much they are prepared to lend you. But income is only one factor in a long list that lenders look at to approve your home loan amount. Other important factors for mortgage qualifying include:
- Credit history: The better your credit score, the more loan options you have. Plus, you could get a lower interest rate, which will help increase your home buying budget
- Debt-to-income ratio (DTI): By keeping your other debts low (like credit cards and car loans), you can free up your monthly budget and get approved for a larger mortgage loan
- Employment history: Lenders typically want to see a steady two-year employment history prior to getting a home loan
- Savings and assets: You don’t need a huge amount of savings to get a home loan these days. But if your income is on the lower end, having “cash reserves” in your bank account could help you get a home loan more easily
- Additional housing expense: Homeownership costs like property taxes, homeowners insurance, and HOA dues (if living in a condo or townhome with a homeowners association) will also affect your home buying power. The more expensive your total mortgage payment, the smaller your maximum loan amount
You don’t need to be perfect in all these areas to get a home loan. But improving one area of your finances (like your credit report or down payment) can often help make up for a weaker area (like a lower income).
Down payment
The size of your down payment is an important consideration in your home buying budget. The more money you put down, the smaller your loan amount will be. That can help you qualify if your income is relatively low.
For instance, say you want to buy a $250,000 home. With a 3% down payment, your loan amount is $242,500 and your monthly mortgage payments are about $1,573 (assuming a 6.75% interest rate). But if you can put 10% down, your loan amount drops to $225,000. Your monthly mortgage payments are over a $100 cheaper. This can make it easier to qualify for the loan payment on your mortgage.
Additionally, those who are financing a home purchase with a conventional loan will pay private mortgage insurance (PMI) when they put less than 20% down. You can get rid of your PMI when there is at least 20% equity in the home. However, for the first several years, you’ll pay these insurance premiums along with your mortgage payment. So again, home buyers with larger down payments can pay less per month on a $200,000 house.
Debt-to-income ratio (DTI)
Your debt-to-income ratio (DTI) is the percentage of your gross monthly income, or pre-tax income, that goes toward your monthly debt payments. Those include things like minimum credit card payments, child support, alimony, and installments on auto loans, student loans, and personal loans.
Mortgage lenders use your DTI ratio as a benchmark for affordability. The higher your existing debts are, the less monthly income you have to spare. That will affect how large of a mortgage payment you can afford.
- In the example above, a borrower with no existing debts, might qualify for a $200K mortgage loan with an annual income around $70,000
- If that same borrower has a $1,000 of debt payments (let’s say students loans or car payment), they will need to make an annual income of around $88,000 to qualify for that same $200K loan
Your DTI is made up of two parts: front-end ratio and back-end ratio. As a rule of thumb, back-end ratio is the more important of the two. And lenders prefer it to be no greater than 36% for most mortgage programs but some may go up to 43%. By paying down your total debt before you buy a home — and avoiding taking on new debts — you can lower your DTI. This could substantially increase your home buying budget.
Loan type and interest rate
The type of loan program you choose affects the mortgage rate you’re offered — and therefore the sum you can borrow. The differences tend not to be huge, but every bit helps when you’re paying interest on a large sum over a long time.
Let’s take a single month, as an example that shows those differences.
Here were the average interest rates across three major loan types:
- Conventional loans: 6.87%
- FHA loans: 6.966%
- VA loans: 7.311%
The differences can be even greater if you choose a shorter-term loan (usually, a 10-, 15- or 20-year mortgage) rather than a 30-year mortgage term, or if you opt for an adjustable-rate mortgage (ARM).
Shop around for your mortgage
You can get a better mortgage rate when you choose the right type of mortgage. But you could save at least as much — sometimes more — simply by comparison shopping for your loan.
Federal regulator the Consumer Financial Protection Bureau has studied the potential savings. Its research suggests that comparison shopping for a mortgage loan saves the average buyer about $300 per year and “many thousands” over the life of the loan.
And yet, “In recent studies, more than 30 percent of borrowers reported not comparison shopping for their mortgage, and more than 75 percent of borrowers reported applying for a mortgage with only one lender,” reports the CFPB.
The good news is, most lenders offer online preapprovals these days. So you can get quotes and compare them quickly and relatively easily. Remember that finding the lowest rate doesn’t just save you money; it could make all the difference in affording the home you want.
How to find your maximum loan amount
You can use our mortgage calculator to estimate how much you can borrow, just as we did earlier. But don’t miss the three tabs near the top of the page:
- By home price: You’ve seen a home you like and want to know if you can afford the purchase price
- By income: How much can you borrow given your income, DTI, and down payment?
- By monthly payment: You know how much you can afford to pay each month for your mortgage. So how much can you borrow?
Click the tab you want and simply change the default figures to your own. You’ll find it pretty straightforward but read the instructions below the calculator if you have any concerns.
Tips to maximize your home buying budget
We started with the question, “What’s the income needed for a 200K mortgage?” And we have demonstrated that there’s no easy answer.
What we can do is give you some tips for maximizing your home buying budget on your current income.
- Pay down debts before you buy a house: Help your DTI by paying down credit cards and, where possible, prepaying installment loans so you reduce your monthly debts
- Improve your credit score: Get all your credit card balances below 30% of their respective credit limits. And keep making all your payments on time. Also, don’t open new credit accounts or close old ones before closing
- Save up for a bigger down payment: The higher your down payment, the less you need to borrow for the same home. Or you could buy a bigger home. And a high down payment generally means a lower mortgage rate
- Look into down payment assistance programs. If you’re a first-time home buyer, you may be in line for home buying assistance in the form of grant money or no-interest loans that cover all or part of your down payment and closing costs. This guide has DPA programs in all 50 states
- Comparison shop for your mortgage rate: A lower rate means big savings or a better home
- Don’t switch jobs unnecessarily: Lenders typically want to see a steady two-year employment history within the same role or field
- Build up your savings and assets: These make you a low-risk borrower and may earn you a bigger loan amount
Of course, it’s difficult for anyone to do all these things at once. But start where you can. Even a small improvement in your credit score or DTI can make a big difference in your home buying budget. Remember, every little bit counts!
Your next steps
How much income is needed for a 200K mortgage? That’s at least partly up to you. The better your finances look (decent down payment, good credit score, low debts), the more house you’ll be able to afford on your income.
Want an exact number? Connect with a lender who can verify your eligibility and tell you just how much house you can afford. Give me a call, and I can assist, 850-896-2487!
FAQ
What income is needed to qualify for a $200,000 mortgage?
Based on our calculators and today’s rates, we have determined a minimum income of $70,000 in order to qualify for a $200,000 mortgage, assuming no other debt. However, keep in mind that the income required to qualify for varies depending on several factors, including interest rates, loan terms, credit score, and debt-to-income ratio.
What is the maximum debt-to-income ratio to qualify for a $200,000 mortgage?
Lenders generally prefer a debt-to-income ratio of around 36% or lower to qualify for a $200,000 mortgage, however it’s common to see some accept DTI up to 43%. This ratio compares your monthly debts, including the mortgage payment, to your gross monthly income.
What documentation is required to prove income for a $200,000 mortgage?
Lenders typically require recent pay stubs, W-2 forms, tax returns, and bank statements as proof of income when applying for a $200,000 mortgage. Self-employed individuals may need to provide additional documentation, such as profit and loss statements or business tax returns.
Is a higher credit score required to qualify for a $200,000 mortgage?
A higher credit score can help when applying for a $200,000 mortgage, as it demonstrates good financial habits and reduces the lender’s risk. However, specific credit score requirements vary among lenders, and there are mortgage options available for borrowers with lower credit scores.
Will other monthly debts affect the income needed for a $200,000 mortgage?
Yes, other monthly debts, such as credit card payments, car loans, and student loans, will impact the income needed to qualify for a $200,000 mortgage. Lenders calculate your debt-to-income ratio by considering all recurring debt payments.
Can I include my spouse’s income when calculating the income needed for a $200,000 mortgage?
Yes, lenders often consider combined household income when evaluating mortgage applications. Including your spouse’s income can help meet the income requirements for a $200,000 mortgage.
Can a cosigner’s income be factored in for a $200,000 mortgage?
If you have a cosigner on your mortgage application, their income can be considered to meet the income requirements for a $200,000 mortgage. Cosigners provide additional assurance for lenders and can boost your chances of approval.
Peter Warden has been writing for a decade about mortgages, personal finance, credit cards, and insurance. His work has appeared across a wide range of media. He lives in a small town with his partner of 25 years.
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).
How Much Is the Down Payment for a $300,000 House?
March 28, 2024 – 14 min read
Down payment options for a $300K house
Have you ever wondered how much a down payment for a $300k house would be? That’s going to depend entirely on the type of mortgage you choose.
While some lenders may require no down payment at all, most will need at least 3% of the purchase price ($9,000) or 3.5% ($10,500). However, if you have a down payment of 20% ($60,000), you could save quite a bit on mortgage insurance and interest charges.
Check your low down payment eligibility. Start here (Jul 30th, 2024)
The key lies in choosing the down payment amount that aligns best with your circumstances. Read on to learn how to figure out the right one for you.
How much down payment for a $300,000 house?
The down payment needed for a $300,000 house can range from 3% to 20% of the purchase price, which means you’d need to save between $9,000 and $60,000. If you get a conventional loan, that is.
You’ll need $10,500, or 3.5% of the home price, with a FHA loan. This type of loan is usually easier to get approval for, but it also requires mortgage insurance over the life of the loan.
However, if you’re eligible for either a VA loan or USDA loan, you can buy a house without any down payment.
Ultimately, the exact amount depends on your loan type, credit report, and lender criteria.
What are the minimum down payment options for a $300K house?
Remember that every journey to homeownership is unique, especially when arranging the down payment for a $300,000 house. Lenders scrutinize your credit score, gross monthly income, and debt obligations to gauge your eligibility for a home loan, which hinges on your financial circumstances.
Thankfully, there are options for many borrowers that require little or no down payment.
0% down payment options
If you’re looking for the cheapest way to buy a house, there are paths to owning a home without the traditional down payment requirement. Two such paths are through VA and USDA loans, each offering unique opportunities to buy a home with 0% down. Here’s how they work.
With VA loans and USDA loans, you can buy a $300,000 house with no down payment whatsoever.
VA loans
The Department of Veterans Affairs offers those who’ve served in the military a chance to buy a home with no money down. This VA loan is available to veterans, active-duty service members, National Guard members, reservists, and certain surviving spouses.
To qualify, you’ll still need to meet your participating lender’s eligibility requirements. While the VA hasn’t set a minimum credit score for this loan, many lenders are looking for FICO scores in the 620–660 range, although some are satisfied with scores as low as 580.
You’ll also need a VA-issued Certificate of Eligibility (COE), which your lender can help you obtain.
Check your VA loan eligibility. Start here (Jul 30th, 2024)
USDA loans
The rural development program of the U.S. Department of Agriculture also gives buyers the opportunity to purchase a home with no down payment, as long as they buy a home in a designated rural area.
To be eligible for a USDA loan, your household income must be low to moderate and below the area median income (AMI) where you intend to purchase. Not sure whether your income qualifies? Use this lookup tool to check your eligibility.
Most lenders offering USDA-guaranteed mortgages ask for a credit score of at least 640, although the USDA itself does not have a set credit score requirement. The USDA’s automated underwriting system requires a 640 credit score for automatic approval. However, some USDA lenders might consider scores below 640 with compensating factors in place. These could include a lower debt-to-income ratio (DTI) or making a down payment.
Check your USDA loan eligibility. Start here (Jul 30th, 2024)
3% down payment options
You can buy a $300,000 house with only $9,000 down when using a conventional mortgage, which is the lowest down payment permitted, unless you qualify for a zero-down-payment VA or USDA loan.
Most mortgage lenders have some form of conventional 97 loan program, which only requires 3% of the home price as down payment. Similarly Fannie Mae and Freddie Mac both offer first-time home buyer programs that also only require 3% down: HomeReady and Home Possible.
You can buy a $300,000 house with only $9,000 down when using a conventional mortgage, which is the lowest down payment permitted, unless you qualify for a zero-down-payment VA or USDA loan.
Check your conventional loan eligibility. Start here (Jul 30th, 2024)
Different lenders have different rules, but typically they require a 620 credit score for conventional loan approval. Individual lenders can impose higher minimums, and it’s important to highlight this. Because if you are turned down with a score of 620, it’s a smart move to explore other lenders who might offer more flexible terms.
Remember that when you make a down payment of less than 20% of the purchase price, conventional loans require private mortgage insurance (PMI). Yet, you have the option to cancel PMI once your home’s value equals 20% of the loan amount.
3.5% down payment options
You can buy a $300,000 house with $10,500 down using an FHA loan, which are typically easier to qualify for than other types of mortgage loans. With an FHA loan, you can buy your dream home by putting down just 3.5% of the home’s purchase price.
You can buy a $300,000 house with $10,500 down using an FHA loan, which are typically easier to qualify for than other types of mortgage loans.
Check your FHA loan eligibility. Start here (Jul 30th, 2024)
The down payment requirement for a conventional loan is only slightly less than that. But remember that FHA loans charge mortgage insurance premiums (MIP) for the life of the loan or until you refinance it into another type of mortgage.
So why do so many people choose FHA loans? First and foremost, the Federal Housing Administration (FHA) allows borrowers with credit scores as low as 580 (or 500 if able to make a 10% down payment).
Borrowers seeking a faster route to homeownership find FHA loans an appealing option because of this flexibility. Additionally, if you move or refinance within the next few years, the burden of mortgage insurance payments tends to be less significant.
20% down payment options
You can buy a $300,000 house with $60,000 down with any mortgage loan, but most buyers opt for a conventional loan because a 20% down payment generally leads to lower interest rates, lower monthly payments, and eliminates the need for private mortgage insurance (PMI).
You can buy a $300,000 house with $60,000 down with any mortgage loan, but most buyers opt for a conventional loan because a 20% down payment generally leads to lower interest rates, lower monthly payments, and eliminates the need for private mortgage insurance (PMI).
This significant upfront investment can ultimately save thousands of dollars over the life of the loan, making it an attractive option for those with sufficient savings.
“FHA loans and programs like HomeReady have lower interest rates,” reminds Jon Meyer, loan expert and licensed MLO. “So use a down payment calculator to find the difference in total payments between different loan programs to see which makes more sense.”
How much is the monthly payment for a $300K house?
With a 7% fixed interest rate, your monthly mortgage payments for a $300K house could range from $1,600 to $2,300. However, the amount of money you’ll need varies based on several factors, including the strength of your credit report, the type of loan you choose, and other personal financial factors.
We used The Mortgage Reports’ mortgage calculator to model the monthly payments on a $300K home. Using a 30-year loan term with a fixed 7% interest rate, here’s how much you might pay from month to month:
- VA loan payment: $1,996: Zero down and a rate of 7% (no mortgage insurance).
- USDA loan payment: $2,056: $1,996 mortgage payment with $60 mortgage insurance, with zero down and a rate of 7%.
- Conventional loan payment: $2,251: $1,936 monthly payment and $315 private mortgage insurance, with 3% down and a rate of 7%.
- FHA loan payment: $2,135: $1,926 monthly mortgage payment and $209 mortgage insurance, with 3.5% down and a rate of 7%.
- 20% down conforming loan payment: $1,597: 20% down and a rate of 7% (no PMI needed)
Note: These examples include only loan principal and mortgage interest. They do not include additional housing costs, like property taxes, homeowners insurance, and homeowners association (HOA) dues because they vary from one region to the next.
You can use a mortgage calculator to model your own housing payments using today’s mortgage rates.
We’ve used the same mortgage interest rate (7%) for each example. However, it’s worth mentioning that different types of mortgage loans have varying rates. Keep in mind that mortgage rates could have potentially shifted by the time you’re reviewing this information.
How to get the down payment for a $300K house
As you explore options for financing the down payment for a $300K house, it’s important to consider a variety of resources. State-specific homebuyer programs and down payment assistance programs are two avenues that offer unique opportunities and advantages for first-time buyers.
Down payment assistance
If you don’t have the amount of money necessary for the down payment on a $300K house, rest assured that there are solutions. As mentioned earlier, down payment assistance (DPA) programs offer home affordability programs tailored to individuals with low to moderate household incomes.
There are thousands of these assistance programs across the country. Speak with your loan officer, real estate agent, or Realtor to find one in your area. And if you’re at the initial stages of your home buying journey, we’ve gathered DPA programs in every state just for you.
Each DPA program operates independently and establishes its own set of rules. So we can’t tell you exactly what assistance you may receive. However, it’s likely to fall into one of these categories:
- Low-interest loan that is repaid alongside your mortgage
- Forgivable loan that doesn’t have to be repaid if you live in the home as your primary residence for a certain number of years
- Outright grant that never has to be repaid
Some DPAs may also extend support to cover your closing costs. And it’s worth noting that lenders are generally supportive of DPAs, as they are well-versed with these programs and often approve them.
Government grants
Government grants for first-time home buyers can significantly ease the financial burden of a down payment. Unlike loans, these grants don’t require repayment, making them an extremely attractive option.
These grants are often available through local or state housing authorities and are designed to assist buyers with various aspects of the home purchasing process.
Eligibility criteria can include income levels, property location, and the buyer’s status as a first-time homeowner. We’ve compiled a list of home buying grants in each state to help you explore your options.
Gifts from family and friends
If you’re finding it challenging to gather the down payment for a $300K house, consider that many lenders accept cash gifts from family members to cover this cost. Be aware that lenders might have specific policies regarding gifts from non-family members, so it’s important to inquire about their rules.
Keep in mind that there are guidelines associated with such gifts. The main one is that the money you receive should genuinely be a gift and not a concealed loan. To satisfy this requirement, your donor will have to provide a mortgage gift letter, explicitly confirming that the funds are indeed intended as a gift.
You’ll also need to document the transfer of funds. This involves showing the source of funds and the money leaving from your donor’s account to yours.
State-specific home buyer programs
Many states offer unique programs designed to assist first-time home buyers, especially those struggling with the down payment for a $300K house. These programs often include low-interest loans, grants, or tax credits tailored to make homeownership more accessible.
Benefits and eligibility vary, focusing on income levels, purchase price limits, and sometimes even specific professions or locations.
By taking advantage of these state-specific initiatives, buyers can find valuable assistance that eases the financial burden of their home purchase.
Employer-assisted housing programs
Employer-Assisted Housing (EAH) programs can be a significant benefit for employees, particularly when it comes to gathering the funds for the down payment for a $300K house.
Offered by some companies, EAH programs can include direct financial assistance, favorable lending terms, or even outright grants.
Not only do these programs help in facilitating homeownership, but they also serve as a tool for employers to attract and retain talent. Employees should inquire with their HR department about the availability of such housing benefits.
Savings
Opting to save for a 5-20% down payment not only reduces your monthly mortgage payments but also helps you qualify for more favorable loan terms and lower interest rates, saving you money in the long run.
One effective strategy is to set up a dedicated savings account for your down payment, making regular contributions a part of your monthly budget. Additionally, automating transfers to your savings account can help you reach your goal faster without the temptation to spend.
401(k) or IRA withdrawals
Tapping into retirement savings, such as a 401(k) or an IRA, is a notable option for those needing additional funds for the down payment for a $300K house.
The IRS allows first-time home buyers to withdraw up to $10,000 from an IRA without facing the early withdrawal penalty.
Some 401(k) plans also permit loans or withdrawals for home purchases. However, this strategy requires careful consideration due to potential tax implications and the impact on future retirement savings.
Consulting with a financial advisor is advised to understand the full scope of this decision.
FAQ: How much down payment for a $300K house?
Does earnest money go toward down payment?
Yes, earnest money typically goes toward the down payment on a house. When you make an offer on a home, earnest money is paid as a sign of good faith to the seller, demonstrating your serious interest in the property. It’s held in an escrow account and is credited towards your down payment at closing.
What credit score is needed to buy a $300K house?
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580. Conversely, conventional loans generally require a minimum score of 620, but securing more favorable interest rates often demands a score above 720.
How much is the down payment for a $300K house?
You’ll need a down payment of $9,000, or 3 percent, if you’re buying a $300K house with a conventional loan. Meanwhile, an FHA loan requires a slightly higher down payment of $10,500, which is 3.5 percent of the purchase price.
How much do I need to make to buy a $300K house?
You’ll likely need to make about $75,000 a year to buy a $300K house. This is an estimate, but, as a rule of thumb, with a 3 percent down payment on a conventional 30-year mortgage at 7 percent, your monthly mortgage payment will be around $2,250. Keep in mind this figure doesn’t include home insurance or housing expenses. Also, your home buying budget will vary depending on your credit score, debt-to-income ratio, type of loan, mortgage term, and interest rate.
What is my debt-to-income ratio?
Your debt-to-income ratio, or DTI, is how much money you owe compared to how much you earn, expressed as a percentage. Calculate DTI by dividing your gross monthly income (pre-tax income) by your minimum monthly debt payments, which include debt like car loans, student loans, credit card payments, and even child support. As an example, if your monthly pre-tax income is $4,000, and you have $1,000 worth of monthly debt payments, then your DTI stands at 25 percent.
How much house can I afford?
A good rule of thumb is that you shouldn’t spend more than 28 percent of your gross monthly income on housing costs and no more than 36 percent on total debts, including your mortgage and credit card payments. For example, if you earn $4,000 in pre-tax income and have $100 in debt repayment, then your mortgage payment shouldn’t exceed $1,340. This financial principle is commonly known as the 28/36 rule.
Your down payment for a $300K house
Ready to unlock the door to your new home? Navigating your mortgage options doesn’t have to be a solo journey. Whether you’re determining how much down payment you need, understanding loan eligibility, or figuring out how to skip mortgage insurance, we’ve got you covered. Click below to explore a simplified path to homeownership, tailor-made to fit your financial situation.
Start with pre-approval from a trusted mortgage lender and discover the possibilities that await you. Begin your next step towards a home that feels uniquely yours by clicking the links below.
Peter Warden has been writing for a decade about mortgages, personal finance, credit cards, and insurance. His work has appeared across a wide range of media. He lives in a small town with his partner of 25 years.
Ryan Tronier is a personal finance writer and editor. His work has been published on NBC, ABC, USATODAY, Yahoo Finance, MSN Money, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals.
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.
Remember: These are just estimates, and your actual affordability will depend on your specific financial situation. It’s essential to get pre-approved for a mortgage to determine your exact buying power.
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