Minimum approval income?

[nada9188]

I am pretty ignorant regarding anything pertaining to mortgage loans.. What would the minimum income be to get approved for a house around 150K, with 20K down, and scores 700+?

[Lel]

---

@nada9188 wrote:

I am pretty ignorant regarding anything pertaining to mortgage loans.. What would the minimum income be to get approved for a house around 150K, with 20K down, and scores 700+?

---

Not enough information to answer your question.  If you have other debt obligations (student loans, auto loans, CC payments), those are going to affect the amount that you can qualify for.  Property tax and insurance are also factors.

[nada9188]

---

@Lel wrote:

---

@nada9188 wrote:

I am pretty ignorant regarding anything pertaining to mortgage loans.. What would the minimum income be to get approved for a house around 150K, with 20K down, and scores 700+?

---

Not enough information to answer your question.  If you have other debt obligations (student loans, auto loans, CC payments), those are going to affect the amount that you can qualify for.  Property tax and insurance are also factors.

---

Ok.. Lets say 35K annual income, 18K auto loan, 350/mo payments.. No other debt, what would that qualify for, roughly..

[kmkchris1]

---

@nada9188 wrote:

---

@Lel wrote:

---

@nada9188 wrote:

I am pretty ignorant regarding anything pertaining to mortgage loans.. What would the minimum income be to get approved for a house around 150K, with 20K down, and scores 700+?

---

Not enough information to answer your question.  If you have other debt obligations (student loans, auto loans, CC payments), those are going to affect the amount that you can qualify for.  Property tax and insurance are also factors.

---

Ok.. Lets say 35K annual income, 18K auto loan, 350/mo payments.. No other debt, what would that qualify for, roughly..

---

My w2 from last year shows just over 38k, should be on track for just over 42k this year. I was approved for a FHA loan of $150,000 , 3.5% down with $325 monthly personal loan payments..FWIW.

SoCal here, 4.0%, 24 yrs old with 4 years credit history,  scheduled to close on or before April 27th.