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You are going to be hard pressed in the US to get a loan for more than 4x annual salary with 20% down. Unless you are borrowing 500k for a down on a 1 million d
by brianwawok 10y ago
You are going to be hard pressed in the US to get a loan for more than 4x annual salary with 20% down. Unless you are borrowing 500k for a down on a 1 million dollar house.
- phamilton 10y agoGuidelines for confirming mortgages allow a 38% household DTI ratio. So a $1M home with $800000 loan comes out to around $5000 (3.875% ARM), putting minimum income at $160k. So 5x salary with 20% down.
- MichaelBurge 10y agoThe government-backed mortgages are capped below $1M though, aren't they? I thought jumbo loans were portfolio loans, so government criteria didn't apply.