lets say that u have a good credit... how much income do you need to qualify for $500,000 loan in california??
2007-03-07 04:12:27 · 8 answers · asked by Lynx S 1 in Business & Finance ➔ Renting & Real Estate
not enough information. You must know your current debt ratio scores and how much you make and what kind of loan you want. There is way to many variables here with just your simple statement. You could make $500k a year but if your debt ratio is 90% of that you will not ever qualify.
2007-03-07 04:18:19 · answer #1 · answered by golferwhoworks 7 · 0⤊ 1⤋
It depends on a lot of things. How much can you put down? How much you earn. Whether you have a spouse or not and how much they earn.
All lenders have different requirements so you should ask them. You'd be surprised though. With good credit and a stable job, most people can borrow a lot more than they think they can. Do be careful though. Don't have a house payment that is all you can afford. Remember that you have to eat too.
2007-03-07 04:20:43 · answer #2 · answered by Glennroid 5 · 0⤊ 1⤋
All other things being ok, they say you afford UP to about 5 times your annual income on a home price. That would be a somewhat agressive approach. In todays markets I would go as high as 4 times your income. So that would about 125000 to make ends meet.
Alot will depend on your down payment and other debt factors though.
2007-03-07 04:19:10 · answer #3 · answered by Anonymous · 0⤊ 1⤋
why did your father purchase a house and placed it on your call? you do not favor to be asking this question the following, you want to be operating to a legal professional's place of work with that lending settlement and see what your dad were given you into. are you listed as a borrower on the loan (or the in reality borrower) or on the call. this makes a large distinction. this may flow very very badly. funds and blood do not mixture. and to respond to your question, you does no longer be a first time homebuyer if you're on the call of yet another living house.
2016-12-05 09:08:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
They will allow your payment to be up to 50% of your income. WAY TOO HIGH!!! Unless it is 30% of your income or less, buy elsewhere. I just bought a house for under $200,000 in CA and already have $30,000 equity. You have to look around and work within your budget
2007-03-07 04:41:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is going to depend upon how much your other credit obligations are and what the interest rate will be on the loan. A ball park figure would be $125,000 to $150,000 per year.
2007-03-07 04:26:34 · answer #6 · answered by don n 6 · 0⤊ 0⤋
Banks and Mortgage companies typically require that the house note not be greater than 30% of your income.
2007-03-07 04:18:35 · answer #7 · answered by Dan821 4 · 0⤊ 2⤋
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Buena Suerte
2007-03-07 04:18:32 · answer #8 · answered by newmexicorealestateforms 6 · 0⤊ 1⤋