Income Tips When Buying a House

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

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Annual income can determine how much house you can afford. See why in this video on buying a home.

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Income Tips When Buying a House
Hello! My name is Brett Staggs and on behalf of Expert Village, I am going to be telling you how much you can afford for a first time home loan. When trying to buy your very first home and you are trying to determine how much house can I actually afford, one of the first steps you should probably take is look at your annual income. That is how much you make in a year. You take that number and you multiply by 3. You take your annual income and multiply by 3, that is the number you should be really sort of honing in on for a purchase price for your home. What that allows you to do is say okay, with this purchase price of a home, I know with my income I will be able to afford the mortgage plus taxes, plus insurance and even mortgage insurance if your loan requires it. This is a very useful tool to let your Realtor know that here is the price range that I can afford.

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