You're richer than you think, I hope. “The Global Rich List” website (http://globalrichlist.com/) generates a wealth ranking for its users based on their annual income. The median income in the United States in 2009 (half above, half below) was $52,000 and if that was your income you are the 58,252,719th richest person in the world (or in the top 0.97 percentile of all moneymakers). Poke, the owner of the site, assumes that the world's total population is 6 billion and the average worldwide annual income is $5,000.
When qualifying for a loan, if the borrower has less than $428/ month in other debt (over and above the proposed house payment of $1949 per month), with good credit (above 640), an income of $52,000 per year would qualify the borrower for a $311,000 sales price home with FHA financing at 5% fixed interest rate. Total House payment of $1949 per month would be 45% of gross income and total debt (house plus other debt) would be 54.9% of gross income.
The above analysis is based upon and issuance of a Automated Underwriting Approval. Call me for Mortgage questions and options.
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