To purchase a home after achieving a six-figure income, you need to determine affordability based on salary, credit score, and other financial factors. For instance, with a $100,000 salary, zero debt, and a 20% down payment, potential home prices should be around $425,000. Factors influencing home affordability include credit scores, debt-to-income ratio, interest rates, and home condition. Achieving a credit score of 740 or above generally allows for better mortgage rates, which impacts overall affordability significantly.
If you're paying cash for your house, skip this section. Sellers don't really care about your credit score as long as you can pay for the house in full.
The bottom line: know what you can afford. Your credit score, down payment, debt-to-income ratio, and interest rates are crucial in determining your home purchase budget.
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