How much money do i have to make to qualify for a 264,000 loan?

Question

I want to purchase a home that is priced at $285,000 I have 10% down, now I just need to know how much I need to make to qualify for a conventional loan.

Answer 1

huni the cheapest way wld be to get a mortgage i don't think any company will give u a loan for that much without securing it with a property the max u will get from a loan company wld be £30k.

and it also depends on ur credit file, every loan decision depends on ur own personal circumstances, why dont u shop around and get a quote from each company they cant force u 2 take it but at least that way it gives u an idea of the cost.

sum companys will give u the quote on the internet saves u speakin 2 a person

x

Answer 2

You SHOULD make 6500 per month to afford that type of loan, although a bank will probably let you get away with making 4500.

Answer 3

There is much more to the overall equation than just income.  The bank will also look at your debt-to-income ratio.  All debt that you currently hold (car payment, credit card, Best Buy Card, etc.) will work "against" you with regards to securing a loan from a bank if you have any outstanding balances that effect your debt-to-income ratio.  I am assuming that you are trying to attain a loan (mortgage) to purchase a house?  

If so, typically in today's market many banks will not allow your overall monthly nut to exceed 35%.  So, if you have other debt on top of this loan, it all must be configured into the end sum.  

Also, it's very important to know that the interest rate that you will get (form the bank giving you the loan) will play a large factor in the amount of money that the bank will lend you as well.

Roughly, you need to be earning about $50 to 60k per year under an ideal credit situation.

I hope this information helps you.  Good luck!

Answer 4

Kimberly M is a SCAM

Answer 5

I do not fully understand your question but if your serious about making money I know of someone who will tap you into her system almost free.  Find out for yourself. http://simurl.com/wumfap