Question Details

Mariela Rosas, Home Buyer in Santa Ana, CA

how much does your annual income have to be to purchase home for?

Asked by Mariela Rosas, Santa Ana, CA Mon Dec 3, 2007

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HI Mariela,

It depends on the purchase price.

Generally, you can expect for a lender to approve you for 3-4x your GROSS annual income for a loan.

So, if you earn $40,000 per year, you will likely be approved for a loan of $120,000- $160,000.

Of course, there are many other factors a lender will consider when qualifying you: your debt to income ratio, your credit score, your employment, and much more.
0 votes Thank Flag Link Mon Dec 3, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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