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Is there a minimum income level to qualify for a mortgage?

April 26, 2017income level minimum mortgage qualify

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Is there a minimum income level to qualify for a mortgage?

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There is no set minimum income requirement for mortgage qualification. However, just as average home costs differ by geographic area, so does the average income level needed to support monthly mortgage payments. Fortunately, it’s not hard to take the guesswork out of knowing whether you can qualify. Before you even start looking for a house, talk to a mortgage specialist here at Prime Financial. He or she can help you determine how much mortgage you may quality for.

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There is not a minimum income level – however, there are percentage guidelines that we must follow in order to get you a loan. On conventional mortgages the percentage is 38% of your gross monthly income. Combining that with your other total liabilities, the percentage would equal 50%.