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how much income is required for $280,000 in Lee County Florida ?

by awilli3017510 from Rochester, Michigan. 9 days ago Reply


Larry Gray (lgray_312_247)
#2 ranked lender in California - 1,087 contributions

Determining what amount of income one should make to borrow $280,000 for a home purchase is the same in every county in the United States. We address a debt to income ratio by adding all current monthly debt payments along with PITI (principle, interest, taxes (property) and insurance payment along with other factors to determine whether you qualify for that much. A Florida licensed mortgage broker could be most helpful in addressing exactly what you would qualify for in purchasing a home right now...which could help you to know what steps to take to be ready to purchase a home. The mortgage broker can often have more options at their disposal for first time buyers or experienced home buyers.

9 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,641 contributions

More info needed.. When it comes to qualify for a mortgage, we need to know your Debt to Income (DTR) ratios... So basically, we need to know what the minimum payments are on your outstanding debt.. add the new housing payment and then calculate how much income would be required to keep you below the maximum DTI established by the lending program selected.. In short, it's impossible to tell you how much income you need without looking at your complete loan profile. For this reason, I suggest you contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

9 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,342 contributions

Most people can typically afford around 4 times their year income for a home. Income alone is only one part of a mortgage loan approval. What are the property taxes, what do you have for other debt, and more. Contact a local mortgage broker in the area you plan on buying for more information.

8 days ago
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