Your income, debt, credit score, assets, and type of property all have a significant impact on whether you are approved for a mortgage. One of the first things lenders consider when examining your home loan application is your household income. For home purchases, there is no established minimum salary criterion.
However, you must disclose to your lender that you earn enough money to cover your mortgage and other obligations.
Lenders demand evidence of a steady source of income. Unless a cash stream is anticipated to continue for at least two years, they normally won’t take it into consideration.
The property you want to buy will also affect your ability to get a loan. A primary house is the easiest type of real estate to purchase. A primary residence is a home you buy with the intention of living in it the majority of the time.
Mortgage lenders require evidence that you earn enough money to cover all of your expenses. Most lenders place more emphasis on your DTI, a ratio percentage that reveals to lenders how much of your gross monthly payment goes to necessary obligations each month because it can be difficult to tell this by just looking at your income.
