🏡 How far $100k of income will take you in today’s housing market? 💰 Let’s break down the numbers! 🧮

➡️$100,000 income works out to $8333 a month.
➡️ FHA allows you to spend up to 47% of your monthly income on your total house payment. That works out to $3917 maximum total payment.
➡️Subtract $500 for tax and homeowners insurance (these are estimates of course!) and you’re left with $3417 for the mortgage and mortgage insurance.
➡️FHA mortgage insurance runs .55% of the loan amount per year, which works out to $223 a month.
➡️ That leaves $3193 for just the mortgage payment.
➡️ Assuming 3.5% down payment on an FHA 30 year fixed rate loan (6.625% note rate / 7.523% APR)
➡️ That payment will get you a $508,000 home. 📊🏠
But, of course, buying a home isn’t just numbers. The real magic happens when we talk about your goals and lifestyle. It’s really about finding the perfect place to call home. 🏘️🔑
If you’re thinking about home ownership and want to plan ahead or ready to explore your options and take the next step toward homeownership, let's chat!


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Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate Inc NMLS 2611 Equal Housing Lender.
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