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What is a typical salary to qualify for mortgage loans?

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Quick Answer

The typical salary to qualify for mortgage loans depends upon the current interest rate and monthly debt payments, explains Bankrate. For example, the typical salary to qualify for a mortgage loan at 5.75 percent is $50,021 as of 2015.

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Full Answer

Other factors that determine how much house borrowers can afford include debt-to-income ratios, credit history, lifestyle factors and down payments, reports Bankrate. Borrowers with good credit histories generally receive lower interest rates; therefore, they can qualify for mortgage loans with larger principal balances. Borrowers with credit scores of 740 or higher tend to receive the best interest rates and qualification requirements.

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