how much do you need to earn to qualify for a mortgage?

Answer 1

The norm is you get a mortgage of three times your gross income. However, nowadays with so many deals, you can get a higher multiple.

Answer 2

It really depends on how much the mortgage is for. The debt ratio that they look for with regards to housing is 1/3 and no more than 50% housing and total debt. What you do is take all of your monthly payments, add them to what your mortgage payment would be and see if that is more than 50% of what you make. There are alternatives like stated income, no documentation etc., but this means that you are really buying something that you cannot afford, which is risky in this slowing housing market. Be careful you don't want to buy something for 400K and find out later that it is worth 380K

Answer 3

That is a very vague question.. It depends on the mortgage company.. (note: be very careful as many of them are crooks). but I would say that you should have a down payment of around $2,500 to begin with(or more would be better) and an annual income of around $30,000

Answer 4

If you have really good credit, they'll probably approve you for more than you can afford! So watch your budget when they tell you that you can afford $500,000 when your budget can only afford payments on a $300,000 house. The banks just want your interest. It's OK to say "I only need *foo* amount."

Answer 5

Depends on

Mortgage Co
Credit
Downpayment
Income

Answer 6

Some company's give 3 times your salary, Northern rock give more, up to 5 times.

Answer 7

I think that depends on the morgage company and the amount of money you want to borrow.