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what is the income guideline for buying a home worth 400,000
We're debating the benefit of buying a home in New York, Virginia, or Ohio. My husband thinks the ratio is the same. I dispute it. Need validation.
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Hi Denise,
Should you decide to buy a home in Ohio, please feel free to contact me. I will be happy to go over your finances and get you preapproved for a mortgage loan.
Hi Denise, Happy New Years! I appreciate your inquiry on buying a home in Ohio vs New York and Virginia. Mortgages are regulated in todays market so the ratios will be very similar. Conventional loans use a 28% and 36% ratio which means that your Mortgage payment, taxes, interest and homeowners insurance cannot exceed 28% of your gross income. Add these four items to your monthly installment for car payments, student loans, etc, and these cannot exceed 36% of your gross income. I am not a lender but would be glad to have one contact you with more information. If you want a relocation packet on Columbus, just email and let me know where I can send it.
Hi Denise.
The Debt to Income (DTI) ratios may vary by lender, but not state. You will get much more house for the money in Ohio vs Va and NY. I am in Columbus. Feel free to call on me for financing questions or assistance. A conventional maximum housing ratio is approx 36% and total debt ratio of 45%. FHA allows for a bit higher ratios, but only finance primary residences. Hope this helps,Denise.
Pat McCarthy
Stonegate Mortgage
614-310-7520
Contact your Mortgage lender, it only takes 20 min. to find out, then you will know.
Debt to income ratio for a conventional loan is a maximum of 36%. In otherwords, total debt, includes credit cards (minimum monthly payment), student loans, car payments etc and the new monthly mortgage amount. Mortgage amount includes property taxes and insurance.
Let me know if you have any other questions. Ohio is a great place to live. Cost of living is one of the best in the country!
Your debt to income ratio will be evaluated the same. What you can gain or purchase in the different area(s) will vary. You're under the jumbo amount, which should allow for a more favorable rate. When you're ready to purchase in Ohio, let me know. Michael Jones, Coldwell Banker Previews Property Specialist.
It's the same. You'll probably get more for your money in Ohio, so come to Columbus, it's a fantastic place to live.
Hi Denise,
You should probably speak regarding income guidelines as there are other factors to consider. Would you like me to send you a few names and numbers?
Elizabeth
The guidelines will be similar. The income needed depends onloan amount rather than purchase amount. Also, of course your best rates are credit score driven and that would also be a factor in how much you can borrow for a given income.
Not sure which parts of the various states you are considering, but in most parts of Ohio you could get more house for the same dollars.
Hope this helps a little. Roughly figure 28% of your gross income can be used for housing provided all debt doesn't exceed 36% of income. That's a starting place only.
So much depends on debt to income ratio, your credit scores and how much you have saved up for down payment. Your mortgage lender would be the best resource for you- give them a call.
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