Is $400,000 considered expensive for a home?

The short answer is "it depends." It's below the national median sales price for homes in the United States, so it's not expensive in that sense. However, $400,000 may be considered expensive in areas where the typical cost of a home is lower than the national median. Additionally, a $400,000 home may be expensive from a consumer's point of view depending on their income and budget.

How much house can I afford with a $10,000 down payment?

With $10,000 down, your borrowing power is likely to be more limited. However, your annual income and debts are needed to understand how much house you can afford. The Office of Financial Readiness under the U.S. Department of Defense provides a few different mortgage calculators you may wish to plug your numbers into as you work out your homebuying budget. As a rough estimate, if you're hoping to make a 5% down payment (the typical minimum on conventional mortgages), $10,000 would equal 5% of a $200,000 home.

What credit score do I need to buy a $400,000 house?

The credit score needed to buy a house isn’t based on a home’s price but, rather, your lender and the loan program you choose. Lenders also look at your down payment amount and loan-to-value ratio (LTV), your DTI ratio, your income and cash reserves. However, the higher your credit score, the lower your interest rate is likely to be. In general, you should have a FICO Score of at least 620 to get approved for a conventional mortgage.

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Personal FinanceReal Estate

Here’s how much you need to make to afford a $400,000 house today

BYGlen Luke Flanagan