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A recent analysis from Business Insider found that the average monthlymortgage paymentis $2,715 on a 30-year fixed mortgage.
That equals $59,436 a year or $4,953 a month.
That doesnt mean you cant buy a house on a low income.
A score of 620 or higher is usually required to finance a home purchase.
However, some lenders might offer mortgage loans to borrowers with scores as low as 500.
Even so, the more you might put down, the lower your monthly mortgage payment.
The typical down payment for afirst-time homebuyeris about 8% of the home price, according to Rocket Mortgage.
These are designed to protect the lender against losses if you fail to pay your mortgage.
Often the lender will also be able to help with direction on programs that may be available.
Some lenders also havespecial lending opportunitiesthat are based on the census tract where the property is located.
Some lenders offer special rates and discounts to help low-income customers obtain home loans.
