How much salary a year to qualify for $180,000 mortgage loan for a 300K home?

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While my income of 48K a year is relatively low,but I do have 120K available to put as a down payment. I know several ratios are used to calculate if i qualify, so i was wondering if i even could get a mortgage? what would my options be? would a cosigner with great credit score (parents) help?

  1. Reply
    February 7, 2011 at 12:51 am

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  2. Reply
    February 7, 2011 at 1:28 am

    At $ 48k per year, that allows for about $ 1,700 or $ 1,800 per month to cover the following bills: Car payment, credit cards, school loans, and the mortgage (PiTI).

    If you are 100% debt free, you can apply the entire $ 1,700 to $ 1,800 to the mortgage. Depending upon where you live, the taxes and insurance will vary on a $ 300k home. Depending upon your credit, the Principal and interest will vary (on the $ 180k loan).

    Parents will need good credit AND available debt to income ratios to help you out.

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