The amount of salary required to obtain a mortgage depends on several factors, including the size of the mortgage, the interest rate, the length of the mortgage term, and the borrower's debt-to-income ratio.
In general, lenders typically use a debt-to-income ratio of 28% to 36% as a guideline for determining how much mortgage a borrower can afford. This means that a borrower's mortgage payment, including principal, interest, taxes, and insurance, should not exceed 28% to 36% of their gross monthly income.
For example, if a borrower's gross monthly income is $5,000, a lender may approve them for a mortgage with a monthly payment of up to $1,400 to $1,800, depending on the lender's specific guidelines and the borrower's financial situation.
However, it's important to note that these are just general guidelines and every lender may have their own criteria for determining a borrower's eligibility for a mortgage. It's always a good idea to consult with a lender or financial advisor to determine how much salary is needed to qualify for a specific mortgage.
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