Can I Buy a House Making $40K a Year?

Yes, you can! With the right loan programs, smart budgeting, and a realistic price range, homeownership is absolutely possible.

💰 How Much House Can You Afford?

On a $40,000 salary, you can likely afford a home in the $120,000–$180,000 range, depending on your debt, credit score, and down payment.

Try it: Affordability by Income Calculator

🏦 Loan Options That Work for $40K Income:

• FHA Loans: 3.5% down, lower credit requirement
• USDA Loans: 0% down for rural and eligible areas
• Down Payment Assistance Programs: Many states offer grants for first-time buyers

💡 Tips to Improve Your Chances:

• Boost your credit score to 640+
• Pay down debts to reduce your DTI (debt-to-income ratio)
• Save at least $5,000–$10,000 for upfront costs

📋 What You’ll Need:

• Proof of income (pay stubs, W-2s)
• Pre-approval from a lender
• A trusted real estate agent