Whats the lowest income you should have when buying a home?

Me and my husband want to buy a home but im a little uneasy about how much income we have, i dont know if we make enough in order to not struggle with payments. Well i KNOW how much i can afford, my question really is What is the LEAST that most people that buy homes should be making? our income is at about 35,000 anually… ( oh and i live in san diego, california and we have one child if that makes a difference) so should i buy a home?

Please do NOT re-insert the back-link into you post. It violates the Forum Rules.



No matter how small your income, you might qualify for a mortgage, assuming you have good credit history and low overall debt. I think the question really is, what type of house can you buy with the mortgage amount you get?

You can always use online mortgage calculators to see how much you will be repaying and period of repayment.

It is not only your income that counts. Nowadays it is more about your dept ratio. How much do you owe whom is the question the banks will ask and they will readily want to see your credit scores. Those are what is important to them. If you have a bank that you already are working with, talk to a banker that you trust and get your credit scores.

I have just qualified you for up to an $1200 house payment which is up to an $190,000 dollar house.

Hope this helps and hope there are homes in San Diego for $190,000 dollars or less

BTW the formula I used is as follows.
.43% of gross monthly income (fannie freddie guidelines)
$2916 is your GMI ($35k / 12months)
$1254 is the max allowable monthly house pmt.
This would be a house loan amount of up to $190,000 give or take. Hope this amount buys a lot of house! Just be careful because it can be misleading because the banks use “before” taxes figures to calculate maximum house payment. I just figured your scenario out and the above example is really about 50% of of your “net” income is being eaten by the house payment.