Newbie buyer with 100k down payment
Newbie buyer here applying for a $200k mortgage for a $350k property with $100k on hand for a down payment. I have a car loan at $350 a month that has a few months left to fully pay. I tried an online calculator but it wasn’t much help. I want to know how much net annual income I need to get a loan? by bmorrow469 from Arlington, Arizona. Nov 11th 2021
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
There actually is a calculator on this site. Pick the one labeled How Much Income to Qualify. If that doesn't give you a rough idea, then it's time to reach out to a lender. You'll wind up with one, anyway.
Dan Paladin (dpaladin)
#357 ranked lender in California - 792 contributions
Numbers look good. Installment debt with less than 10 month until payoff will be excluded the income to debt calculation. Reach out to your local lender to get the process started.
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