Income vs Debt When Buying a House

Part of the Video Series Income, Credit & Home Loans: Buying a House

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Income & debts can determine how much house you can afford. Find out how in this video on buying a home.

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Income vs Debt When Buying a House
Hello, my name is Brett Staggs, and on behalf of Expert Village, I'm going to be telling you how much you can afford, for a first time home buyer. When applying for your first home loan, and you're trying to figure out how much you can actually afford, the first thing you want to look at is your income, versus your debts. Your income, obviously is the most important part. You take that, versus your debts and the difference between the two, is the number your going to want to start using for calculating how much house I can actually afford, and how much house I can get qualified for. Now, the difference between these two are going to have some more bites taken out of them obviously with other expenses you have per month. But this is the first step in finding out what you're dealing with as far as income and how much house that can dictate you to qualifying for on your first home loan.

About the Expert

Expert: Brett Staggs has worked in the mortgage industry for 6 years, with a title company, a credit reporting company, & two banks, where he was a loan processor, taking loans from application to closing. Read More