Most people think they need..20% down, a six figure salary, perfect credit score to buy their first home. So lets break it down:
If you make 80,000 a year = $6,667 a month in gross income. Lenders dont just look at your salary, they also look at:
- Your debts
- Your credit score(s)
- Your down payment funds
- Your employement history
(P.S. this is why every situation and approval is different. Looking at all this info combined)
A buyer earning around $80,000 per year may be able to qualify for a home in the $300k - $400k range here in Central VA. Ofcourse depending on their overall financial picture, including debt, credit score, down payment, and other factors.
And despite what social media might tell you, most of my clients purchase with anywhere from 3–10% down.
The Biggest Mistake I See?
- People counting themselves out before ever talking to a lender.
- You don't need to be ready to buy tomorrow, but you should know what your options could be today.
- One of the biggest misconceptions I hear is that you should wait until you're "ready" to reach out to a lender. In reality, I recommend having that conversation 6 months to a year before you'd like to buy.
That gives you time to:
- Improve your credit if needed
- Save additional funds
- Understand your monthly payment comfort zone
- Learn about programs you may qualify for
The goal isn't just getting pre-approved. The goal is having a plan. And having the right people in your corner matters more than you think. The right lender can help you prepare, and the right agent can help you understand what's realistic in today's market.
If you're thinking about buying in Central Virginia within the next year or two, I'd be happy to point you in the right direction. Sometimes the first step is simply having a conversation. 🏡
