how much money would you need to make in order to qualify for a $300,000 loan?

Asked by grenreaper, Salinas, CA Wed Nov 14, 2012

I have a credit score of 740, no credit cards balance, no auto loans and only a student loan of 10,000

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4
Jesse Reyes, Agent, Gilroy, CA
Thu Nov 15, 2012
Hi grenreaper,

A very simple answer to your question. First and foremost, you have to ask your self. "What can you afford to pay every month on a mortgage?" Based on the information you provided, you could qualify for a mortgage. One major factor that will determine the amount you would qualify for is your income. I'm currently working with a client who is qualified for $315,000. His yearly income is $68,000 with just about the same credit score and no dept.

My best advice to you is, Contact a lender and make an appointment. This way he or she can go over your debt to income rations, which is what determines the amount you qualify for. Currently, buyers have many first time buyer programs available that you can use to purchase your first home as well.

I hope that this information helps you on your quest to buying a home. If you need any additional information. You can contact me and I will help you with any other questions you might have in-regards to purchasing a home. I can also refer you to several Banks and mortgage companies that can best assist you with the pre qualification process.
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, ,
Thu Nov 15, 2012
Feel free to play around with the calculators on my site http://www.bartprequalifies.com If you would like to review your mortgage options feel free to contact me, I lend in CA.

Bart Gabe

http://www.bartprequalifies.com

800 315 8803
0 votes
Cindy Davis, Agent, San Diego, CA
Thu Nov 15, 2012
I encourage you to speak with a mortgage lender in your community one to one. There are different types of loan programs with different qualifications. Only by going through the application process will you truly know what you qualify for.

Best of luck.
0 votes
SantaCruzLen…, Agent, Aptos, CA
Thu Nov 15, 2012
I can ballpark that you would need somewhere in the range of a $5000/mo gross income to qualify for a $300k mortgage. HOWEVER, there are too many variables that affect a loan to be able to give a 100% accurate answer.... depends on the type of loan you are getting (conventional, FHA, USDA, etc?), the amount of down payment you are putting down, your credit profile (while you have a very high credit score, lender's also look at how many credit lines you have, how long you have had credit, etc), what the monthly payments of your other debts are, your employment history, etc. Your best bet is to sit down with a lender to get pre-qualified. Most sellers will not even consider your offer to purchase unless you have a lender's letter verifying your ability to secure a mortgage loan. Be prepared to supply your year to date paystubs, your previous two year's w-2s/tax returns, and copies of your asset accounts showing that you have the $'s necessary to make your down payment and closing costs. If you don't have a lender in mind, I can recommend some local lenders who can help you out.
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