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How much income must you show to qualify for mortgage in the upper 250k range?

I know many factors are in play, down payment, credit score, etc just looking for a general guideline as to what is needed income wise. thanks for answers in advance by cmarkortiz653 from Phoenix, Arizona. May 25th 2017 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,930 contributions

This question is impossible to answer.. you really need to take 5 minutes and call a professional and let them analyze your complete loan profile.. It takes the guess work out, there's no charge, and you will know exactly what you would quality for.. The reason is simple.. Lenders look at your debt to income ratios (including new housing payment) to determine what you can quality for.. We would need to know what the minimum payments are on your DEBT.. credit card payments, car loans, student loans, etc.. in addition to that, if you are paying child support, alimony, back taxes, or any court ordered payments.. all that is tallied up, and divided by your monthly gross (qualifying) income.. The key is that different lending programs allow for different ratios.. FHA can go as high as 56%.. yet, some lending programs here in AZ restrict you to 43%.. If you are self employed, but have less than 2 years, your income might not qualify.. if you are commissioned or have bonus income for less than 2 years,,,, we might not be able to use it.. etc.. again.. the best thing to do is to call someone (like me) and in 5 minutes you'll know.. 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

May 25th 2017
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This depends on your other debt, credit score, type of loan and down payment. Typically the maximum debt to income is 45% of your gross income per month. If you make $5000 per month 45% of that would be $2250 minus all debt including the new house payment. Call me if you want to talk about it ( free phone call). David Kester VP and branch manager of Union Home Mortgage. 602-628-6500

May 25th 2017
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 83 contributions

The amount you need for ALL debt payments including the new house, insurance, taxes, HOA, etc and all other existing debt payments will depend on your mortgage program and your lender. Worse case may be at 35% but best case would be a FHA light at 59% of your total gross include.I can help you but I need more information.Korene Clopine-Seaman623-340-0934

May 25th 2017
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