If you’re a member of our country’s great military, then thank you for your service and sacrifice. You are indeed the backbone of the nation, and without you, we would not live as comfortably as we do.
Here at Homes for Heroes, we understand that the sacrifices you make are not easy, but to you, it’s worth it to be able to fight for your country and your family. We appreciate you for everything you do.
We also understand that the amount you make per year and per month ranges depending on your rank. Based on your status in the military, you could make between $30,000 and $95,000 yearly.
If you’re looking to purchase a home, be it your very first or tenth, Homes or Heroes can help you get the rewards and benefits you deserve for your heroic acts of patriotism for your country. If you’re unsure of what kind of house you can afford, we can help with that too.
Homes for Heroes offers several rewards for you and your family when you choose to buy your home with one of our affiliates. Our heroes, on average, save $1,500 or more on their purchase.
Once you sign up, an affiliated real estate agent will contact you within 24 hours to discuss your options for buying a home. By deciding to work with our affiliates, you allow us to say thank you for all your sacrifices and hard work. Our agents are familiar with the communities you desire to live in and will be next to you every step of the way to answer any questions you might have. Your agent will take the time to listen to your wants and needs. Sign up today to discuss your options with Homes for Heroes.
While you’re waiting for the phone call, look at the types of homes you might afford based on your income and rank.
How much can you afford?
We recommend that your monthly mortgage not exceed 30% of your monthly income. This mortgage should include the house payment, property tax, and home insurance. Sticking to a mortgage that you can afford is essential to keeping your household on a budget.
There are several factors that can weigh in when looking at the amount you can afford on a mortgage each month. Extras such as housing allowance could be considered when calculating your total monthly income.
If your military rank is E6, you probably make between thirty to forty-five thousand a year. That’s $2500 to $3750 a month. Based on that income, you can afford a mortgage payment of $750-$1125. Your mortgage is going to depend on a variety of things, including how much of a down payment you offer, credit score, and interest rate.
If you make $30k a year, and you put $5,000 down with an interest rate of 4.3% and a loan term of 360 months, then your monthly mortgage payment could be around $650 with the purchase of a $90,000 home. Depending on the location, that could offer you a decent sized house for as much as you’re paying in rent each month.
If you make closer to the $45k mark, you can buy a home for $150,000 and get a mortgage with the same amount down, same interest rate and terms for around $1000 a month. If you’re still not sure of where to begin, click here to sign up to speak with a dedicated real estate agent.
It’s not an obligation, just a conversation.
If you are a Sergeant First Class in the military, you can make thirty-five to sixty-two thousand a year, so your monthly income ranges from $2900 to $5100 a month. Your monthly mortgage rate should not exceed $870-$1530. With the same terms and conditions stated above, you are looking at being able to afford a house that is $112,000 with a monthly mortgage payment of $800 if you make $35k.
If your income is closer to $62k a year, you can afford a house that costs $232,000 with a monthly mortgage of $1500.
Where you are buying your home could determine a lot concerning what type of home you can buy. It also depends on what kind of house you are looking for and what is right for your family. For example, $150k could get you a newer home on an acre of land with four bedrooms and two bathrooms. Or, it could get you an older Victorian style home with a more classical style that only has three bedrooms and one bathroom.
Speak with a Homes for Heroes specialist today to find out what’s up for grabs in your area.
As a Master Sergeant or First Sergeant, your yearly income is within the range of $50k to $70k, and monthly, $4000 to $5800. Thirty percent of $4000 is $1200, and thirty percent of $5800 is $1700. So, you could afford a house that is at the prices of $180k to $260k.
That is a decent amount of money to work with when buying a home. That gives you many options to find what you want and need.
Wherever you are looking to buy, Homes for Heroes affiliates are here to steer you in the direction of your dream home. Whether it be a modern home with an inground swimming pool in New Jersey or a beachfront home in the Carolina’s, our affiliated agents will work with you to get you the most out of your money and make the process as simple as possible.
Whatever kind of home you are looking to buy, Homes for Heroes has got your back. We look forward to serving you because of what you do for our country. You and your family are our priority when you choose to purchase a home with a Homes for Heroes real estate professional affiliate. We want to facilitate your home buying experience and maximize the amount you save.
Whether the information you just read gives you an idea of the type of home you can afford, or you still have questions, sign up to speak with one of our affiliated agents. When you sign up, you will receive a call within 24 hours from an agent that is local to your area and can answer any questions you might have. We look forward to assisting you with your home buying experience. Thank you for your service from all of us at Homes for Heroes.