Total debt payments, adding in things like credit cards and a car loan - shouldn't exceed 36 percent. The oft-cited rule is that your monthly mortgage payments – include property taxes and homeowner's insurance – shouldn't exceed 28 percent of your gross income. Let's start with the basics – how much income do you need to qualify? Here, it's not a question of how much you earn, but how much of your income you'll be spending on your home loan and other debt payments. What are the income requirements for a mortgage? If you're a recent graduate who's landed a well-paying job, someone who recently switched careers or just started a business, you could have trouble qualifying for a conventional mortgage no matter how much you're earning, unless you can show your earnings are stable. When making a down payment, you may have to be able to show the source of that money as well. You need to be able to show your earnings are stable. But there's more to providing proof of income than just handing over a couple of paystubs. Income verification is a basic part of applying for a home loan.
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