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How much do I need to make for a $250,000 house? A $250,000 home, with a 5% interest rate for 30 years and $12,500 (5%) down requires an annual income of $65,310.
Here are the some of the basic documents you will to get pre-approved before searching for a home: Last 30 Days Pay Stubs. Last 2 Years Complete Tax Returns with W2 and 1099 Forms. Last 2 Months Bank Statements (All Pages) Legible Copy Of Driver's License and Social Security Card.
To receive a Loan Estimate, you need to submit only six key pieces of information: Your name. Your income. Your Social Security number (so the lender can check your credit) The address of the home you plan to purchase or refinance. An estimate of the home's value. The loan amount you want to borrow.
If you are a salaried or hourly wage employee, your pay stubs and/or W-2s will show this. If you are self-employed, expect to share your tax returns as evidence of income earned. In both cases, lenders will typically request to see your records from the last two years.
You'll need to fill in your monthly income, including your base income, bonuses, overtime, commissions, dividends and interest, rental income and any other income. You'll also need to fill in your monthly housing costs, both current and proposed, such as rent or your first mortgage, HOA fees or mortgage insurance.