is there a standard income to loan ratio?

Different scenarios all require a different income level in order to qualify. The story is more of an abstracted point of view based on average consumer debt and median home prices. The main ratio you want to be concerned with is your debt-to-income. In other words take 43% of your gross monthly pay minus your credit cards and car or student type loans. This left over amount is how much you can spend on your home expenses such as mortgage payment,property insurance and taxes. HOA fees also need to be accounted for in that housing total.

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To be sure to qualify nothing over 45%. That said you may be approved with as high as a 60% debt ratio if you choose or qualify for an FHA or VA loan. I recommend you speak with a local mortgage pro who is either a broker or mortgage banker not a big bank if you are looking for programs to maximize your allowable debt ratio.

Yes... and no... too many variables. But generally speaking, if your housing ratio is 30% of lower (percentage of income spent just on the house), and your overall debt ratio is below 43% (house plus all other debt - cars, credit cards, etc), you will qualify without a problem. www.TwinCityHomeLoans.com