The Mortgage Files

Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.

Here is a quick formula for determining how much income you need to buy a home

Here is a quick formula for determining how much income you need to buy a home

By Scott Sheldon / January 19, 2024

Buying a home is a big financial decision, and affordability is the number one factor to consider. To determine how much home you can afford based on your income, you can use a simple formula… First, take your annual income gross pre-tax and multiply it by five. For example, if your annual income is $100,000,…

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