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first time homebuyer here, what income is needed to purchase a 380,000 home?

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January 13 - Roseville
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Answers (3)

This is a tough question to answer without having more information. 

However, Zillow has a Mortgage Education Center that you can view by clicking on this link: http://www.zillow.com/mortgage-rates/learn/

In the Mortgage Education Center Zillow provides acces to Mortgage Calculators and a ton of information on the mortgage process and finding the right loan for your situation.

This is a great site that can help you get prepared for the process of financing a home. 

Hope this helps!
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January 30
Hi First time homebuyer!

Without any other debt and decent credit, you would need to gross roughly $5,500 per month.
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January 13
The "best" answer here would be to call a bank or mortgage broker in your area and ask them.  Many banks and mortgage brokers have different "programs" that allow you differing amounts down.  It also depends, not only on your income, but your debts.  A Lender will be able to help you much more with  your question.  Thanks for asking. 
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January 13
 
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