Monthly income needed on a $575,000 home
Each row is the gross monthly income, before taxes, that the calculator needs to approve a $575,000 home at a 650 credit score and a 5.75% rate. Taxes use Florida's statewide estimate of 0.74% of the price a year and insurance is $283 a month.
| Other monthly debts | FHA | Conventional | VA | USDA |
|---|---|---|---|---|
| $0 | Not available | $8,980 | $6,630 | $14,470 |
| $400 | Not available | $9,780 | $7,120 | $14,470 |
| $800 | Not available | $10,580 | $7,610 | $14,470 |
FHA shows as not available because $575,000 with 3.5% down is above FHA's limit in most Florida counties. VA and USDA need no down payment. Conventional starts at 3% down, $17,250 here.
The payment behind the number
On Conventional with 3% down, the full house payment comes to about $4,486 a month with private mortgage insurance. Conventional allows total debts up to 50% of gross income with an automated approval. In the higher-cost counties, where FHA's limit runs higher, FHA can still reach this price; the county pages show each limit.
USDA needs more income than FHA on the same home because its housing payment can only use 29% of income. VA looks at money left over each month as well as the debt ratio, which is why its number moves differently from FHA's.
How your credit score changes it
- At a 600 score, FHA needs about Not available a month with $400 in debts, and Conventional is out until 620.
- At a 740 score, Conventional needs about $9,160 a month, because its mortgage insurance gets cheaper as the score rises. FHA stays near Not available.
If your income comes up short
A parent or grandparent on Social Security or SSI can co-sign on FHA, and FHA counts their non-taxable income at 115%. Paying off a car loan lowers the income needed, and overtime, a second job or a spouse's pay all count when they have a steady history. Run your own numbers in the price check, or call AAA Capital Funding at 888-601-8344 and we'll run this price on every program with you.
$9,780 a month is about $56.42 an hour at 40 hours a week. The $100,000 a year page shows the price range for pay near that level.