Hello everyone out there. I need some help as I cant get the information I need from any bank or Lending Company. My Wife and I would like to get ahead and buy a house. Now what I would like to know is what Combined Income we both need to get a loan. We have 3 young children. I have tried many ways to find out this and no luck. I hope someone has been through this and could give me some information. I would be greatly appreciated. So here is an example: We would like to buy a house for $500,000........Ok we need money for a deposit and also stamp duty, Insurance etc. We have 3 children. So the next step is what Income does my Wife and I need per year to apply for this kind of loan. Eg: Combined Income: $60,000, $80,000, $100,000, $120,000 or $160,000. I really would like some facts and just cant seem to get the answer. I hope someone out there can help me.
Thank you Steve