how much would i have to make monthly to afford this mortgage?

Question

109k purchase price paying $3800 down. how much would i have to make monthly for to get approved for a loan for the remaining balance?

? · Accepted Answer

It depends. Are you a friend of Obama? You should quit your job and contact ACORN.

Ben Brashen · Answer

Hello,

This is a tricky question since it appears you're going for an FHA loan approval.

With good credit FHA will typically allow for a 55% back end debt to income ratio.  This means that your housing payments + all payments reflected on your credit report must be 55% or lower than your Gross income.  Typically FHA loans like your housing payment to be about 45% max of your income.

All the best, 

Ben Brashen, CMPS
www.myziplending.com

chatsplas · Answer

Rule of Thumb:  1/4 of income on housing, no more than 1/3 with utilities.  Can qualify, depending on debt for 2 X your annual salary.  Depends on income, credit rating, down payment, and debt ratio.

? · Answer

You must net at least 3500 after taxes monthly

how much would i have to make monthly to afford this mortgage?

4 Answers