"Most buyers need to earn $100,000 to $135,000 per year to afford a $400,000 home, based on average interest rates and a modest down payment."
"Your total monthly housing costs should not exceed 28% to 31% of your gross monthly income, covering mortgage, taxes, insurance, and HOA fees."
This Redfin guide emphasizes the importance of comprehension of financial implications when purchasing a home, specifically a $400,000 property. It outlines that most buyers need an annual income of $100,000 to $135,000, considering average interest rates and down payment implications. Homeowners should ensure that their monthly housing costs fall within 28% to 31% of their gross income. The guide also discusses other financial elements like down payment size, DTI ratio, credit score, and regional variances affecting mortgage qualifications and monthly payments.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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