Becoming a homeowner is a major life milestone, and one that comes with both excitement and uncertainty. For first-time buyers, the dream of owning a home often feels just out of reach, especially when faced with rising housing prices and the pressure of coming up with a sizable down payment.
But here’s the truth: owning your first home may be more realistic than you think.
With the right income, financing strategy, and expert guidance, you can break through the noise and make that dream a reality; sooner and smarter.
The Reality for First-Time Buyers with $100,000 Income
If you’re earning around $100,000 annually, you’re already in a strong position to become a homeowner. Many are surprised to learn that with this income level, you could qualify to purchase a home in the range of $450,000, even as a first-time buyer.
What’s even more encouraging is that this can be done with as little as 5% down payment—that’s approximately $22,500. This low-down-payment option is available through most major lenders and is designed to make homeownership more accessible, especially for those entering the market for the first time.
The key is working with a broker who understands how to navigate lender requirements, optimize your application, and ensure you get the best rate and terms available.
The Power of a Trusted Mortgage Broker
One of the most common challenges first-time buyers face isn’t income, it’s knowledge.
You might wonder:
- How much house can I afford?
- Do I need a 20% down payment?
- What if I have a great income but minimal savings?
This is where a trusted mortgage broker becomes invaluable.
A broker does more than just shop rates. They look at your full financial picture, explain your options clearly, and advocate for you to secure financing that fits your needs and goals. Whether it’s helping you get pre-approved, structuring your mortgage application to reflect your full financial strength, or connecting you with lenders that are more flexible, brokers are on your side from start to finish.
Buying Beyond the $450K Mark; Yes, It’s Possible
Now, let’s talk about the next level.
If the home you really want is priced above $450,000, don’t assume it’s out of reach. While traditional lending might cap your affordability based on income and minimum down payment, there are ways to increase your buying power even as a first-time buyer.
We work with clients to find creative and legal ways to secure additional down payment, which in turn allows you to qualify for a more expensive property.
This could include:
- Gifted funds from immediate family
- Accessing government incentive programs for first-time buyers
- Supplemental loans or grants for down payment assistance
- Combining incomes with a co-borrower
- The Shared Equity Program helps first-time homebuyers by contributing to the down payment in exchange for a share in the property’s value. This lowers upfront costs and makes homeownership more affordable.
By increasing the down payment, your mortgage amount decreases, which means you can qualify for a higher-priced home without exceeding affordability guidelines.
This is a game-changer for first-time buyers who may have the income but are limited by savings.
Why Down Payment Matters More Than You Think
When it comes to mortgage approval, lenders look closely at two things: your income and your down payment. A larger down payment not only reduces the total amount you need to borrow, but it also:
- Increases your chances of approval
- Lowers your monthly mortgage payments
- May qualify you for better interest rates
- Reduces or eliminates mortgage default insurance premiums
That’s why we help our clients explore every possible avenue to strengthen their down payment even if it means thinking outside the box.
Confidence in Every Step
Buying a home for the first time doesn’t have to be overwhelming. Our mission is to make the process simple, transparent, and stress-free. From the moment you reach out for a consultation, we take the time to understand your financial situation, educate you on your options, and guide you step by step toward homeownership.
We’ll:
- Calculate how much you can afford based on real numbers
- Break down your monthly payments, closing costs, and pre-approval process
- Connect you with lenders that are suited to first-time buyers
- Help you prepare all necessary documentation to speed up the process
- Strategize ways to boost your down payment or improve your credit if needed
Our role is to help you feel confident and in control of one of the most important financial decisions of your life.
Your First Home Is Closer Than You Think
With the right guidance, the right plan, and a team that’s working for you not just the lender you can achieve homeownership, even if you’re just getting started.
If you’re earning around $100,000 and dreaming of your first home, you may already be more qualified than you realize. And if your ideal home is priced a bit higher, we’re here to help you reach it with smart, strategic down payment solutions.
Let’s talk. Your first home isn’t just a possibility, it’s a plan. And we’re ready to help you make it happen.
