Home Buying in Canarsie>Question Details

Petrina, Other/Just Looking in

what is the minimum income to own a home?

Asked by Petrina, Fri Oct 19, 2012

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This question was asked from this property: http://www.trulia.com/property/3025203232-1254-E-84th-St-Bro…

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Answers

6
It's not a easy question to answer. There are so many different things involved in addition to the sales price, in order to determine what the income should be. What ate your monthly liabilities? What are the Real Estata taxes & insurance? What's the down payment? What type of mortgage are we talking about? Is there a second unit? If so, what is the monthly rental income? Etc.

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.

Good luck!

Javier Meneses
NMLSR #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
2 votes Thank Flag Link Fri Oct 19, 2012
It depends on the price of the home & your credit. You should get yourself pre approved by a mortgage broker as they will be more specific on your down-payment requirements.
0 votes Thank Flag Link Fri Nov 2, 2012
Dear Petrina:

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!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Oct 22, 2012
It is not necessarily a minimum income but income, down payment and credit rating that counts. Someone may earn an annual salary of 36,000 for example but have 50-100% of the funds. I always ask my buyer clients what is the monthly payment they are comfortable paying and then consult a mortgage representative to pre qualify them for the amount they feel they can pay.
0 votes Thank Flag Link Fri Oct 19, 2012
Depends...be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer.....
0 votes Thank Flag Link Fri Oct 19, 2012
Hi Petrina
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.
madelinepadovano@fillmore.com
0 votes Thank Flag Link Fri Oct 19, 2012
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