income criteria for home loans?

As a rule of thumb (being conservative), you should not purchase a home that costs more than 3 times your annual salary, so in your case around $43,000.

In addition you have to consider what the property tax in your state is, and what interest rate you can get on the loan. Try http://www.tcalc.com/ to find out what your monthly mortgage would be and then compare it to your current rent. Factor in your property taxes, home insurance and condo fees and you'll see what the difference will be. Your tax break at this level will probably be very small, since (if you're single) you'll already get a $5,150 standard deduction now. So, when you start to itemize your deductions, the first $5,150 make pretty much no difference in your taxes compared to now.

it depends on these monthly bills are and if all report to the credit file. If they do then you will not qualify at all since the debt service at best will go over 60%. No underwriter can do that at all. Now you could be a co maker on a refinance for them if they have less debt than you with stable income. Every loan is different. The only way to find out is to try. I am a mortgage banker in TN

The guy that said use 1/3 of your income is right however you you need to make a little more than 43,000 because on top of the mortgage you will need to take into consideration the taxes and interest you will have to pay for the loan.

well generally the banks will not allow for your total expense with mortgage payment, perssona loans, cars loans, credit card and any additional payments that may appear on on your report, to exceed 50% of your income. Also depending on your credit which will determine your rate of interest you will have to take that into consideration. Try visiting www.justgetaloan.net or you can email me at jfreeman@justgetaloan.net or call 866 530 7300 ext 7305

Every local lender and area is different. Why don't you get a general overview at the link provided and then talk to your lender where you bank and I'll bet you that they will give you more information than what you need.

Mortgage Calculators – Includes finding if you will qualify for a mortgage:

http://www.mortgage-x.com/calculators/Pre-Qualifie...

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I saw your Question requiring a loan.

Why don"t you approach a private lender?I got my loan from a certain agency.Their interest rate of 0.2% is simply great..Why don"t you try there?You can contact them with their email,financier@mail.org,richards_loan_agency@yahoo.com.

you have to have a good credit score- a low one is more risky to the lender- so they will charge more, and your payments will be higher.

your ratio's- debt to income, should be 28-36%

you should purchase only after you have proper planning towards saving. your income should be atleast $45000