Know what lenders expect from you in order to qualify for a desirable loan amount. We can help determine a minimum level of income needed for you to afford home payments while also considering taxes, insurance, and other debts.
Required Annual Income
What’s most important to your lender?
It’s often misunderstood that you need a large down payment to qualify for a mortgage. This idea couldn’t be further from the truth! In fact, there are many down payment assistance options to get you into a home, for less money down.
While certain mortgage programs have strict income requirements, your lender wants to know you can repay a loan. The documentation you provide should verify two years of employment in the same industry. Lenders will be less likely to move forward with a loan if you have gaps in your employment history or constantly move from job to job.
Can you qualify for a mortgage on a low income?
Higher income translates to greater borrowing power. But there’s still a chance you qualify for a mortgage on a modest salary. There are even mortgages for one-income households!
Contact a mortgage expert
There’s no need to stress about your mortgage application. Give us a call today and talk to one of our mortgage consultants.