how much income required to get approved for a mortgage ~$300k

The amount of income will change based on an individuals total debt to income and type of loan program also the amount of down payment. If you would like us to pre-approve you for a home loan give us a call at 602-531-7040 or email jafonso@azhomerates.com

There are many factors that will change the income number needed. Program type, amount of outstanding monthly liabilities you currently have, taxes on the property are just a few. It will benefit you to discuss your situation with a local professional to see what your options are. I can recommend some great ones in your area if you need. I lived there for 6 years and worked with a lot of quality loan officers.

Hello,Let's talk nuts and bolts:All lenders will use 45% of your Gross Income (in some cases we can go up to 50%) for all of your debt. This is called DTI or Debt To Income. So if you make $7000 per month Gross income x.45 + $3,150.00 for all of your debt including the new house payment.The best thing to do is to schedule a free 1 on 1 loan interview. My office is located in Chandler (San Tan 202 and Cooper Road) if you want to schedule a time that would be great.David Kester602-628-6500Sales ManagerAcademy Mortgage

As others are saying, lots more info is needed. In general your total monthly debts including the payment on the new mortgage (with taxes, insurance and any HOA or regime fees) should not be more than 45% of your gross monthly income. But it depends a lot on other details of your application, type of mortgage, amount of downpayment, etc.

Need more information in order to give you the right answer.

It all depends on your debt load.

There are many other factors in addition to one's income that will be taken into consideration when determining how much they can get approved for.

To answer that question we need to know how much debt you have, what the taxes are going to be for the property, how much the homeowner insurance premium is, how much your're putting down since if it's less than 20% we have to add mortgage insurance, etc.. so it's difficult to say without knowing all the details. but in general, Lenders look at 2 different ratios.. the housing payment and the total debt.. Typically 28% for housing payment, and 45% maximum for total combined debt including housing payment. When we talk about debt, we're talking about monthly payments on debt/obligations you have outstanding.. Lenders use your "Gross" pay, not your take home.. and they include the minimum monthly payments, not your outstanding total debt.. credit card payments, car payments, student loans, personal loans, etc.. these are the types of debt that the lender must include. They look at your minimum payments when determining your ratios.. utility bills, cell phone bills, car insurance, cable bills, etc.. are not debt, they are services you opt to pay for and can be canceled.. so the monthly bills associated with these are not included into your ratios for loan qualifying purposes.. as you can see, determining one's qualifying ratios is not easy and should be left to the professionals, so if you want to know exactly what you would qualify for, then the best advice I can give you would be to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

First , what type of income ? Self employed ? I need to know the debts that are paid out monthly, what ever shows on your credit report.. I have 30 years experience in the ever changing mortgage world..My phone is 602 330 1598, and I have been a underwriter before, so yes I am very good at what I do!! LINDA