How much income do I need for loan approval?
I have been self-employed for the past 10 years and the business has been doing great. My family and I are planning to buy a multi-family apartment worth $3 million. We have no debts other than the current mortgage we have where we still owe $30k. Our credit score is 750+ and we can afford to put a 20% down. How much net income is necessary to get approved for a loan? by scottlee191 from Ambrose, Georgia. Nov 10th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
If this is a 1-4 unit building, it all depends if you "need" the rental income to qualify, or if you can qualify without the rent. Talk to a local mortgage broker in your area for more info. I lend in MN WI IA ND SD - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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