Typical Income Requirements for $600k House

[Anonymous]

Just wondering typical income requirements lenders like to see for a $600k mortgage for the DC/MD/VA area. (Assuming excellent credit and adequate down payment.) Thanks!

[Anonymous]

Our house was about that. HHI is $170K. Also excellent credit and 20% down.

[Anonymous]

Do you mean the home is $600K or the mortgage is $600K?

[Anonymous]

Our combined income is 300K and our house was 610K. Our mortgage is off a $400K loan.

[Anonymous]

Our HHI is $200K. We have excellent credit (over 800) and put down 20 percent on a house that cost $615K.

[Anonymous]

i think that if you have no other debt, a HHI of 100k would support a 500k loan in this interest rate environment. whether or not you want to leverage and borrow that much on such an income is a different question.

[Anonymous]

It depends a whole lot on your other expenses. Childcare and student loans can be multiple thousands per month.

We have a $600K mortgage (million dollar house) with a single $235K income but have no student loans and no childcare bills.

[Anonymous]

We were approved for up to $650,000 mortgage. We make about $180,000 combined with no debt and excellent credit ratings. This was with about 10% to put down for a VA loan.

We didn't choose to buy that high, but that was what we were approved for.

[Anonymous]

I wouldn't want my monthly payment to be more than 1/2 of what I take home, net (after payroll deductions) every month. Aim there and then you will know what amount of mortgage is right for you. You don't want to be house poor with no savings, college fund, etc.

[Anonymous]

^^ is 1/2 net really the standard around here?? That is much higher than I'm comfortable with, but I suppose it explains why we think we can't afford much close-in.

[Anonymous]

to be fair, if all our retirement money and insurance was done through payroll deductions, I'd probably be OK with 1/2 net. But, alas, it is not.

[Anonymous]

16:40 is right about expenses. We have a $400 mortgage with a $200 HHI, and with savings (retirement and college) and expenses (daycare, house repairs, etc), I don't feel like there is a lot extra at the end of each month.

[Anonymous]

Anonymous wrote:i think that if you have no other debt, a HHI of 100k would support a 500k loan in this interest rate environment. whether or not you want to leverage and borrow that much on such an income is a different question.

We make 250 k and that seems crazy to me. Our mortgage is less than 400k. No way we could afford our house on 100k.

[Anonymous]

We only make $140k and have a home in the mid $700's with a $410k mortgage. We also have a kid in college. It is not that bad. We drive older cars and have paid down most of our debt. Two kids in public school.