Net income needed to get approved for a loan
Let’s say you want to apply for a loan worth $200k and buy a rental property that costs $355k. Down payment will be $150k. Primary home is fully paid without any debts. How much net income do I need to get approved? I am confused with online calculators so I decided to ask here. by nighthawk24 from El Segundo, California. Mar 4th 2022
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Hi, lots of options including no income...what is your monthly nut on primary and how much in credit reporting debt do you have ? And what are the taxes and insurance on new property and any hoa fees on either Ralph Richard Guertin @Regent Mtg 954-274-7725 or ralph@absolutelowrates.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
There isn't really an easy way to answer your question here. Way too many variables, including as this is a rental property, the potential to use rental income to help qualify. Just reach out to a local mortgage broker in your area, give them a full application, and let them zero in on your specific qualifications. I lend in MN, WI, IA, ND, SD. Find me at MNBestRates.com - Cambria Mortgage, NMLS 274132
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