It is easily doable, Understand debt-to-income (DTI) ratio

http://en.wikipedia.org/wiki/Debt-to-income_ratio

In US, DTI is usually 28/43, that is

(mortgage payment) / gross income < 28%
(all debt payment)  /  gross income < 43%

All debt payment includes monthly payments for mortgage, credit card, car loan, student loans etc. The 43% is the more important number. If you don't have any other debt, the bank usually will give you 43%.

So if you know how much you are going to borrow, let's say $417,000 (Fannie Mae conventional loan limit), find out the monthly payment (principal, interest, tax, insurance), and put into above formula and see.

For example:
An loan of 417K for 30 years at 3.5% has monthly payment of $1872.
You add local tax and insurance, let's assume that's $2200 mortgage payment.
Annual salary of $61395 would satisfy 43% requirement.

If your credit is not excellent, or you had other debt, you probably need higher income.

A few notes:
(1) if you pay down 20% cash, you can avoid mortgage insurance premium, thus lower your mortgage payment;
(2) if you borrow under $417,000, you will get a better interest rate, also lower your mortgage payment. 
(3) Don't forget save some money for closing cost. 
(4) Google "fannie mae loan limit 2014", $417,000 limit is for high cost area, there is a lower limit for other areas.  If your local average house price is around 500K, you probably live in a high cost area. 

所有跟帖： 

• 03年30年mortgage rate 是多少？ -加州阳光123- ♀ (248 bytes) () 01/21/2015 postreply 07:06:32

• 03年30年home loan ～5%。total debt payment not exceed 36% -818nr- ♀ (48 bytes) () 01/21/2015 postreply 07:23:55

• 那就是说买50万房子得首付32万？ -加州阳光123- ♀ (0 bytes) () 01/21/2015 postreply 07:31:47

• monthly debt to income ratio... read the article first -柠檬椰子汁- ♂ (0 bytes) () 01/21/2015 postreply 07:34:44

• 呵呵，您说的是现在的情况，我们讨论的是另一个case，03年 -加州阳光123- ♀ (18 bytes) () 01/21/2015 postreply 07:38:42

• 上一位说的是DTI（03）= 36%，没有说首付要36%。 -柠檬椰子汁- ♂ (18 bytes) () 01/21/2015 postreply 07:44:24

• Yes, you are right. :) -加州阳光123- ♀ (0 bytes) () 01/21/2015 postreply 08:12:28