Posted on: 18th Nov, 2010 10:06 am
Hi, i would like to be a first time homeowner in 2011. I am self employed. Does anyone know what the minimum annual income i would need to qualify for a 100-120k house with about 5-10% down payment? Also, do they combine the 2 years of income taxes? Or do they just go off 1 year?
Any help is appreciated.
Thanks!
Any help is appreciated.
Thanks!
I have no debt and very good credit 750+.
Welcome inet,
It will be difficult for me to let you know what minimum income is required to qualify for a 100-120k house. You should speak to the lender and he will help you in knowing it. If you want to go for a conventional mortgage, then you will have to give a down payment of 20%.
It will be difficult for me to let you know what minimum income is required to qualify for a 100-120k house. You should speak to the lender and he will help you in knowing it. If you want to go for a conventional mortgage, then you will have to give a down payment of 20%.