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Profile picture for AnnaSamborska

How much money do my husband has to make to get a loan

To make our situation short. I own a condo where we have 160 k loan on it right now loan is just under my name not my spouse. I have regular job made about 28k net last year. My husband owns small business . We are interesting in buying a house wort about 180-230k . My question is how much money net he has to make to get a loan for a new house just under his name. In worst case we can try to get a loan under us both . But prefer just under him . We will rent a condo which i have alredy.
  • February 18 2014 - Chicago
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Answers (13)

Profile picture for Matt Laricy
Speak with a lender. They can help you out. It depends what type of visa you have.
  • March 15 2014
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It is crucial that you speak to a reputable lender- there is more information someone would need to tell you a firm answer.
  • February 21 2014
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One's ability to qualify for a loan does not solely depend on their income. Also, the loan amount does not solely depend on their income as well. There are many different financial factors that come into play when someone is being pre-qualified. Many financial factors such as credit, assets, debt, expenses, down payment, employment, as well as income are all analyzed. I recommend that you speak with a lender directly instead of posting all this financial information on Zillow. It would be a more efficient use of your time to speak to a lender directly. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 21 2014
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Please let them know I referred you!

Good luck!
  • February 20 2014
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You would have to speak to a lender directly. They will have to verify your husbands income, assets, liabilities and creditworthiness to give you an exact answer.
  • February 20 2014
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The best way for you to get a realistic answer, as there are many factors that go into deciding how big of a loan you can get, is to call a local, reputable lender and go over your situation with them. They will be able to tell you exactly what you qualify for, and that way you don't have to deal with people giving you ballpark figures. Zillow is a great tool to find a lender in your area. Good luck!
  • February 19 2014
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Profile picture for New American Funding
The good news is once you select a Lender - they will ask you questions, take an application, run your credit and then have you send over supporting documentation, such as income - they can tell you what you qualify for.
  • February 18 2014
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Qualifying ratios are based on Gross income, not Net income. That would apply to you, but I am assuming that you have income that is reported on W-2. Your husbands income may be calculated differently, depending on the type of business he reports on tax returns.

Best bet, contact a lender about your scenario. You need to discuss the details of your income, your husbands' income, credit scores, down payment, etc. in order to determine what your options are.

You don't need to have your credit report run initially if you have a fair estimate of your score.
  • February 18 2014
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Profile picture for New American Funding
There are many variables and factors that can go in to qualifying any consumer for a new home loan.

Your income, down payment (new loan amount), product (term)....

There are many Lenders on Zillow that are fully capable of helping you out.  My apologies in not being able to offer a direct answer as you will find the responses to be about the same, it really will depend on many actors.

The good news is once you select a Lender - they will ask you questions, take an application, run your credit and then have you send over supporting documentation, such as income - they can tell you what you qualify for.

Hope this helps.
  • February 18 2014
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Profile picture for Matt Laricy
There is only one real accurate way to find out. I would call a lender up and ask. Only they can tell once you give them ALL the information.
  • February 18 2014
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Feel free to contact any of the lenders who respect the rules of Zillow's "good neighbor policy" and would be happy to answer any questions you have.

P.S. Matthew is not one of them and his info will be soon deleted from his post.
  • February 18 2014
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First thing to know is you are most likely going to need to make enough income to support the current mortgage, taxes, insurance and HOA fees on your current home because without a 2 year history of rental income on the taxes you will not be able to offset the payment with the proposed rental income, Second, things have really changed regarding calculating self employed income. With out seeing the last 2 years tax returns and sch. C for the business there is no way to calculate how much income we can credit for your husbands business. There are a lot of variables that will need reviewed to answer your question. If you need a professional to take a look at your situation feel free to reach out to me here.
  • February 18 2014
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It will be tough for anyone to answer this question without more information.  Your best bet is to talk directly with a loan officer.  [self promotion deleted by Zillow moderator.]
Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 18 2014
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