What Income Do You Need for a $300k Home?
We dug into the numbers to find out someone needs to make to potentially qualify to buy a $300,000 home.
March 17, 2025 15 MIN
We dug into the numbers to find out someone needs to make to potentially qualify to buy a $300,000 home.
USDA loan pre-approval provides an accurate idea of the loan size you may qualify for and gives you a competitive advantage when making offers on homes.
Seller concessions can be used to cover your out-of-pocket closing costs, with the USDA setting the maximum contribution limit at 6% of the home’s purchase price.
Having student loans won’t prevent you from qualifying for a USDA mortgage, but they will count toward your debt-to-income ratio, which can affect how large of a loan you are eligible for.
USDA direct loans are more challenging to qualify for but offer lower monthly costs. USDA guaranteed loans are more widely available but have slightly higher, although still competitive, interest rates and payments.
The USDA funding fee comes in two forms: an upfront funding fee of 1% of the total amount borrowed and an annual funding fee of 0.35% of your remaining loan balance.
RHS loans allow low-to-moderate-income borrowers to purchase rural properties with zero money down, lower mortgage insurance costs, and interest rates that are more favorable than with many other types of financing.
Conventional construction loans are a widely accessible option for building a new home. You can use these mortgages to fund construction on land you already own or include the cost of purchasing property.
