How much money do I need to make to qualify for a $300,000 mortgage?
$300,000 @6% for 30 yrs = $1800/mo + taxes and insurance. So figure about $2,200 per month.
Your mortgage payments should not be more than 30% of your disposable income. So, your monthly disposable income should be more than $7,300 per month. Figuring income taxes, your gross income should be more than $90,000 per year.
There are other factors that impact your qualifications like credit card debts and car payments.
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July 28th, 2009 at 3:03 pm
about $140,000 would probably get it. unless you have a bunch of other debt and car leases.
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July 28th, 2009 at 3:25 pm
I work for a bank and work with home equity loans (second mortgages). The amount of money that you need to make is only one small tiny factor in getting a mortgage. If you have credit cards (even if they are at a zero balance) and have a high credit limit on them, that credit limit is considered debt. That will mess with your debt to income ratio. You need more income then debt. Also you need to make sure you have the equity in the home. Also you credit needs to be somewhere around 630 or higher with no recent late charges or collection accounts. There are more guidelines you must qualify for in order to even be looked at to get a loan these days.
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July 28th, 2009 at 3:35 pm
Probably $100-125,000 - at a minimum and you’ll also need $30-60,000+ in cash for down payment and closing costs
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July 28th, 2009 at 3:50 pm
$300,000 @6% for 30 yrs = $1800/mo + taxes and insurance. So figure about $2,200 per month.
Your mortgage payments should not be more than 30% of your disposable income. So, your monthly disposable income should be more than $7,300 per month. Figuring income taxes, your gross income should be more than $90,000 per year.
There are other factors that impact your qualifications like credit card debts and car payments.
References :