What should your income be for a 200k house?
When purchasing a home that costs $200,000, the amount of income you should have is dependent on your debt-to-income ratio and credit score. Generally, it is recommended that your debt-to-income ratio should not exceed 36%, which means that your debt payments should not exceed 36% of your gross income each month.
Also, lenders generally look for a credit score of 680 or higher when approving a loan application. Based on these factors, your monthly income should be at least $5,800 to purchase a $200,000 home.
In addition to the debt-to-income ratio and credit score criteria, lenders will also assess other factors when determining the amount of income you need to qualify for a loan, such as your employment history, payment history, and total assets.
If you have a low debt-to-income ratio and a high credit score, you may be able to qualify for a loan with a lower monthly income. Conversely, if you have a higher debt-to-income ratio and/or a lower credit score, you may be required to have a higher income to qualify for the loan.
Lastly, keep in mind that different lenders may require different incomes levels to qualify for a loan. It is important to shop around and compare different lenders’ requirements to find one that best suits your financial situation.