How much gross income necessary for lowest interest rate?

[Anonymous]

Let's say 830+ credit score. How much income would be needed to achieve the lowest interest rank for any bank/CU? 

I just need an estimate or a general idea. Just trying to see what is needed.

[Anonymous]

Rate is generally affected by credit score and down payment, not income. Income mainly determines how much you qualify for. A 740+ credit score will put you in the top tier for rates. 

[DallasLoanGuy]

rate determined by score and ltv

not income

[Anonymous]

Oh, thanks guys! 

How much income do you guys think is necessary for lowest rate (for any bank) for a house that needs a mortgage of around $250k? 

[StartingOver10]

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@Anonymous wrote:

Oh, thanks guys! 

How much income do you guys think is necessary for lowest rate (for any bank) for a house that needs a mortgage of around $250k? 

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You have to prove your income with paystubs, tax returns and verification of employment. The alternate is to get a bank statement loan where the verifications are a little different - you are showing bank statements rather than tax returns and putting down a larger down payment and paying a higher interest rate.

Speak to your LO about your income. S/he can figure out how much mortgage you can afford.  This is entirely different than applying for a credit card.