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Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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How much do you need to make to qualify for a 250000 mortgage

Resolved Question:

How much do you need to make to qualify for a 250000 mortgage in Kansas City Miossoui
Submitted: 7 years ago.
Category: Finance
Expert:  Taxtom replied 7 years ago.
Hello, the direct answer is approximatly $6,000 a month based on a 6% loan for a 30 year mortgage. The indirect answer is that they take in account your current debt, credit score, taxes, time on job, credit history and several other items. Many banks will give you a pre-approval estimate with no cost to you, that allows you to know approximatly what the bank thinks you can afford. I usually advises clients to look for a house 20% below approval. Thank You Tom Please Click Accept

Edited by Taxtom on 12/31/2009 at 5:44 PM EST
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