What kind of income is required to qualify for a mortgage?
Your debt-to-income ratio is one important figure in getting approved for a loan. That is the amount you’re spending each month to pay off debts divided by your monthly income.
As of August, the typical home value in Seattle for the bottom third of prices was about $670,000, according to Jeff Tucker, senior economist at Zillow. Let’s say you can afford only a 3% down payment — in this case, about $20,000. Factoring in an interest rate of about 5%, along with other costs such as insurance, Tucker explained that you’d be looking at about $4,700 per
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