Forgotten Your Password?

Need to Register?

Question Icon

What happens if you make more than the required amount of money a year?

by Nicolewilkins90892 from , California. May 13th 2016 Reply


Nothing. If you make more than the required amount to qualify for a certain house it does not affect you.

May 13th 2016
1
0
Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

Some of the loan programs, like USDA or some of the bond loans (FHA first time home buyer type loans) have a maximum income limit. This may disqualify you for some of these programs. However if your income is substantial, you should have no problem qualifying for a conventional loan. The mainstream loans do not have a cap on the income, like conventional or standard FHA products and VA loans.

May 13th 2016
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Depends on the program. Most programs do not have an income limit. But most assistance programs do have income limits. If you are over the income limit, you obviously can not use that particular program. Contact a mortgage broker in your area for more details on your specific situation. For loans in MN, WI, and SD - visit me at www.JoeMetzler.com

May 14th 2016
1
0

Income limits only matter on USDA loans and bond assisted FHA loans. An increase in income will not be an issue with other types of loans. Let me know what county you are in and I will inform you of the income limits in your area to see if the increase will even disqualify you for loans which consider income caps for qualifying, the income increase may not be an issue. My email is loansbymichele@yahoo.com or you can call me at (619)252-8821 and I will supply you with the information you need to get you your answer. Michele

May 14th 2016
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

More info needed,,, but in general.. Most loan programs do not have restricted income qualifications.. Certain FHA programs as well as USDA will, but for all other conforming loans, there is no maximum.. If you are applying for grant funds or some sort of down payment assistance, then most all of those programs are intended for low income borrowers.. if you make too much, then you wont qualify for those funds.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 16th 2016
1
0
Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

Certainly you have many good answers to your question. if you were seeking down payment and possibly closing cost assistance as well, so much depends on the geographical region you are in. In high cost areas, maximum annual earnings allowed for largest family around $190.,000. But even for just one person it can come to a little over $100,000/annual income allowed, and over $115,000 for two people. I completed a home purchase recently for a family of 3 and they qualified income wise for the special down payment, etc assistance from us, but they wanted more house than they qualified for under the program. With mostly seller credit and some lender credit to cover all of their closing costs, including tax and insurance impounds, they came in with a 401k loan as their down payment. Though we enabled them to purchase with a rather high debt to income ratio, it was fine as we were unable to include the spouse's self employment income as it was only for one year.

May 17th 2016
0
0
Subscribe to our news feed.