What is the maximum mortgage amount I qualify for?

The maximum mortgage amount you qualify for in Washington will depend on a few factors such as your income, debt-to-income ratio, credit score, and the amount you are able to put down as a down payment. Most lenders in Washington will require you to have a minimum credit score of 620 in order to qualify for a mortgage and to provide proof of your income. Moreover, the debt-to-income ratio must be below 43% for you to qualify for a mortgage. That means that your total monthly debt payments (including estimated mortgage payments) should not exceed 43% of your monthly gross income. The higher your debt-to-income ratio is the smaller the loan amount you will be able to qualify for. Finally, the amount you can put down as a down payment will also affect the maximum mortgage amount you can qualify for. Generally, lenders in Washington require you to put down at least 3.5% of the purchase price as a down payment; however, the more you are able to put down the higher the loan amount you will qualify for. As such, the maximum mortgage amount you qualify for in Washington will depend on your income, debt-to-income ratio, credit score, and the amount you are able to put down as a down payment. It is best to contact a lender in Washington to discuss your eligibility and to determine the maximum loan amount you qualify for.

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What is the maximum mortgage amount I qualify for?

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