Is there a certian income required for purchasing a $420k home?

Yes.. any loan you obtain will have income requirements.. typically, lenders use debt to income ratios (DTI). The take your monthly income before deductions, and divide it by your minimum monthly debt including the new housing payment.. the ratio cannot exceed 43% for conventional financing.. so if you want to know if you can afford a $420K home, we would really need to know what debt you have in order to calculate your DTI properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

1/14/2014Thanks for the question/ post There are several items that determine if a loan for a 420K home will be possible:1)Income 2)Current debt ( credit card / car loan / student loan balances and payments)3)Credit scores / credit history 4)Down payment - how much do you have Best thing to do - is get pre-approved asap to know for certain ( its free and non-obliging ) ...if you need help with this - let me know Thanks Dave Skow - WA MLO #278613Eagle Home Mortgage2200 6th Ave #100Seattle WA 98121w 206 714 9745 dskow@eaglehomemortgage.com

2/10/2014Thanks for the question/ post Would you like to begin the free pre-approval process in order to get a free credit report and to determine if you can qualify for your needs ...if you need help with this - let me know Thanks again and stay in touch Dave Skow - WA MLO #278613Eagle Home Mortgagew 206 714 9745 dskow@eaglehomemortgage.com

4/2/2014Hi there ...are you still considering pruchasing a home ? if so - have you been pre approved yet?...if you need help with this - let me know as we are happy to assist Thanks again and stay in touch Dave Skow - WA MLO #278613Eagle Home Mortgagew 206 714 9745 dskow@eaglehomemortgage.com

Ah, Yaki-vegas. The Palm Springs of WA. My old hometown. I grew up there so we can chuckle about it together. ;) So, in brief, when applying for a mortgage loan, your gross income before taxes must cover your housing and your combined minimum monthly payments on all consumer debts. (car loan, credit cards, student loans, etc...) There is what's called a Debt to Income Ratio... or "DTI"). For most qualified mortgages the total debt ratio needs to be 43% or below. Your expected housing payment with Principal / Interest / Taxes / Insurance / Mortgage Insurance is all added together to determine your housing payment. Your interest rates and in turn, your monthly payments will depend on how much you intend on putting down, what your credit scores are, property type, loan program, etc... there are a few variables so it's important to talk with a loan originator who will take some time and educate you on the best options for your personal scenario. I'm licensed in all of WA State and our company lends in 41 states plus DC, offering FHA, VA, USDA, Conventional, Manufactured Housing, HomePath, among others. ;) Feel free to reach out if you're interested in discussing further. ~Michael Patterson NMLS ID 69386 - http://landhomenw.com/aboutus.htm