How much dose your income Have to be to qualify for 240000 dollar loan ?

There are many online calculators to help answer this question, and generally speaking, you can afford about 4 times your yearly income. But, this can be very misleading because that is before taking into consideration any debt you may have. Talk to a local non-bank mortgage professional. Let them take an application and professionally analyze your individulal situation.

It will depend on factors such as your existing debt load but generally speaking, your monthly mortgage payment should not exceed 28%-30% of your gross monthly income. So if you make $5,000/mo. gross your monthly mortgage payment should be $1,400-$1,500.

All depends on other debts you have. Also depends on property taxes, homeowners insurance, flood insurance if any, and mortgage insurance if any. Alot of factors will play into the answer for your question. Get with a local lender for a consultation.

You left out a lot of pertinent information, such what is your income, what is your combined debt, is the property you're looking at a single family home, or a condo.. are there association fees.. etc, etc, etc.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Generally your total monthly payments on all credit obligations should not exceed 40% of you GROSS monthly income for conventional loans, and I have seen FHA loans go as high as 54%. Factors such as credit score, reserves and job time can influence these numbers. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

you have to figure in your monthly debts, from a credit report , and certain debts do not have to be included , so its sort of hard to really give you a answer, without knowing what is on your credit report... if you want , you can call me at 602 3301598 or email me at yourloanpartnerforlife@live.com linda

Another question for you to consider is how much with the payment be for that $240K loan and whether that fits your budget. How much of a downpayment you are making and the type of loan you use makes a difference due to differing guidelines and whether or not there is FHA or PMI mortgage insurance, whether it is a condo with a regime fee, etc. Don't try to second guess the process, find and work with a good mortgage banker - we're on your side and will help you work through your options and any issues that need to be addressed

You at least have to make four times what the amount is.

It will depend on the other monthly debt you have and what program you are wanting to use. Conventional loans you will need to have a no more that 45 cents going out total for ever dollar you make. FHA you could be able to get as high as 55 cents total for every dollar made as long as your principal interest taxes and insurance on your home do not go above 43 cents for ever dollar made

The standard ratios are 31 and 41 percent on the mortgage payment and total monthly bills on the credit report.