Here are the key numbers you'll need to know to calculate how much home you can afford.
own a home, a milestone that is still viewed as a key part of the American Dream. Yet, in 2024, buying a house often feels out of reach.found that the median household income is $80,610. Given that gap, how do millions of first-time homebuyers reach that dream every year?
Bert Naquin signs the contract of her new home at The New Isle resettlement community in Terrebonne Parish near Schriever, Louisiana, on Aug. 24, 2022. For starters, you should have the following information ready:Down payment: the portion of the home’s purchase price paid up-frontInterest rates: the cost of borrowing, which changes based on your credit score and market trendsProperty taxes: This varies by location and is based on the home’s assessed value.
Next, consider the loan term. Mortgage terms typically range from 15 to 30 years. Mohtashami stressed the importance of meeting with a mortgage officer early in the process: “Go to a bank and find out exactly what you qualify for. Mortgage rates and home prices fluctuate, but you need to get that clear number first.”. “Conventional lending refers to anything backed by Fannie Mae or Freddie Mac, while FHA loans are backed by the Federal Housing Administration,” Hale explained.
Mohtashami reminds prospective buyers that many people start small: “Traditionally, you buy a smaller home, and as your family grows or your needs change, you move up or down in size.” This gradual approach is common for many homeowners.Owning a home may seem daunting, but with careful planning, it’s still possible. By understanding your financial standing, calculating what you can afford, and exploring different mortgage options, you can find a path to homeownership that works for you.
Housing Affordability Mortgage Rates Mortgage Rate Census Bureau National Association Of Home Builders Danielle Hale Buying A House Credit Score Household Income
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