How much income do I need for a mortgage?

 The income you need for a mortgage will depend on a variety of factors, including the size of the mortgage you are applying for, the interest rate, your credit score, and your debt-to-income ratio (DTI). Generally speaking, lenders prefer that your total monthly debt payments, including your mortgage payment, be no more than 43% of your gross monthly income.


To get a rough estimate of how much income you'll need for a mortgage, you can use a mortgage affordability calculator. These calculators take into account factors such as your income, debts, and expenses, as well as the size of the down payment and the interest rate, to estimate how much house you can afford. HERE is an awesome (and ad free) one! 


Keep in mind that the income requirements for a mortgage can vary widely depending on the lender and the type of loan you are applying for. Some government-backed loan programs such as FHA and VA loans may have more flexible income requirements, while conventional loans may require higher income and credit scores. It's important to shop around and compare offers from different lenders to find the best fit for your financial situation.

Or just use a mortgage broker (like me!)- as we shop around for you! 

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