Home Buying in 92126>Question Details

Maria, Home Buyer in San Diego, CA

If i will apply for a house loan, how much salary do i have to have to get qualified?

Asked by Maria, San Diego, CA Tue Jun 29, 2010

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Hi, Maria... Here's an easy way to figure it if you want just a ball park figure. Determine how much you want to pay for monthly mortgage payment, then divide that number by .28. The answer will tell you the approximate monthly income you'll need. Of course a lender can give you all the specifics.

Example: If you want a $1,000 mortgage payment, divide by .28. You'll need $3,571 per month or $42,852 of annual income.
0 votes Thank Flag Link Tue Jun 29, 2010
The rough rule of thumb is mortgages come up to 3 times your annual income. (make $50k can borrow up to $150k) However, many factors can come into play that could change that number. Talk to a local lender for more precise details. They will not charge for a simple talk.
0 votes Thank Flag Link Tue Jun 29, 2010
That completely depends on how expensive of a property you wish to purchase. online calculators won't tell you anything at all since you have no idea what interest rate to input. Speak with a local mortgage broker to get pre-qualified, it's free and only takes a few minutes.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Tue Jun 29, 2010
You can go on realtor.com and use teh mortgage calculator if you want a rough estimate. the only sure way to tell if you qualify for any loan programs is to meet with a local and trusted mortgage broker, you can get preauailified at no cost, after reviewing your credit and your financials they can tell you if you quailify for a mortgage. If you do they can quote rates, down payment and whgat sales price you will quailify for, if you do not, they can tell you what you will need to do to be quailified in teh future

please check out my blog

http://www.trulia.com/blog/scott_godzyk/2010/05/secrets_to_g…

MORTGAGE QUAILIFICATION TIPS AND SUGGESTIONS
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jun 29, 2010
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