The fact is that this is not the best way to approach it. The question should be the total opposite. What you should be asking yourself is "what do I or we qualify for?" You need to allow a Loan Officer to review all the necessary documentation and determine exactly what you'll qualify for. From there you can then search for a property that's priced within your budget. This is the best and most efficient approach.
Senior Loan Officer
Sterling National Bank
There is not really a minimum income requirement per say when you purchase a home, but you have to be able to pay the real estate taxes and other bills associated with home ownership. Also, if you are not buying all cash and you need to get a mortgage... the amount a bank will be willing to lend you will be determined by your income, debt, credit and assets.
If you are going to be looking to get a mortgage, the first step for you would be to meet with a mortgage banker and determine what you are qualified to borrow. Then you can go looking for houses that fit within your budget.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
First you need to contact a mortgage person to see how much you qualify for based on your income
and credit. They can answer all your questions. good luck and if you need the name of someone
just send me an email, or simply call your bank and speak to the mortgage department.