How much personal annual income are banks looking for to hand you a 1.5 mil mortgage?

Would a annual income of 150k do it ?

2006 just called, Countrywide would be more than happy to provide that loan

An annual income of $150K would qualify you, at best, for a $400K mortgage. On the high end.

for conforming, i think it's 4X, non-conforming definitely less.

Thanks guys ... I do appreciate the help with your comments

$1.5m mortgage 30-yr at 3.5% = 6735 monthly payment.

$1.9m place? 1500 square feet at a minimum? At least 2500 a month in common charges.

Total payments $9235 a month. Very likely more.

Income of $150,000 is only $12,500 per month before taxes, probably less than $9235 a month after taxes.

What if you have subtantial assets? So, $150k income, but $500k in the bank? (assume you are doing this for tax benefits)

@Crescent ... Very helpful. So i guess banks will be looking for at least a annual income of $400k

3-4x debt/annual income is a broad-rule-of-thumb but these rules change for special cases like if you are putting a lot down and have a low loan-to-value ratio. Up to you to find a bank who don't apply these rules stringently. Isn't First Republic good for this niche?

@Crescent .. was looking to put down $500k

Good afternoon,

Each individual's qualification situation is different. Your best bet is to meet with a mortgage professional and get Prequalified. The variables of an individual's Income, Assets, and Credit determine maximum loan qualifications. There are no "rough approximations" to calculate how much income applies to a specific mortgage amount.

Trevor Curran
NMLS #40140
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker %u2013 NYS Dept. of Financial Services
NMLS#3528
516-829-2900 ext. 105
516-829-2944 fax
516-582-9181 mobile

Good luck with this , and let us know the results