The income required to qualify for a 200k mortgage depends on several factors, including the lender's requirements, your credit score, your debt-to-income ratio, and other factors.
As a general rule of thumb, most lenders require borrowers to have a debt-to-income ratio of 43% or less. This means that your total monthly debt payments, including your mortgage, should not exceed 43% of your gross monthly income.
Assuming a 30-year fixed-rate mortgage with a 4% interest rate, your monthly principal and interest payment for a $200k mortgage would be approximately $954. To keep your debt-to-income ratio at or below 43%, your monthly gross income would need to be at least $2,221.
However, it's important to note that lenders may have different requirements and qualifications, and your specific situation may vary. It's recommended that you speak with a lender or financial advisor to determine your specific requirements and eligibility.
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