I want to purchase a condo in southern California. I'm hoping to get a loan for about $400,000. What kind of income do I need to qualify for this?

The conventional wisdom here requires that you can borrow up to 3 times your annual salary to be able to easily afford your mortgage payments. This would mean that if you wanted $400K loan, you must make at least $130K annually. Not everyone adheres to these conservative and prudent rules and hence the housing mess that we are in.

Typically, you can borrow up to 3 times your income. But we would definitely need additional information. There are a few factors like the amount of debt you have, and credit rating that will also come into play. Give us a call as we'd love to assist 800-446-9043 ext 801

Your monthly obligation including our new mortgage payments (PITI) not be more than 45% of your monthly gross income.

The income is just part of the maze; its your overall financial picture.

all depends on your other debt ..what are your monthly payments on debt

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