How Lenders Calculate the Income You Need
FHA lenders look at your debt-to-income (DTI) ratio, not just your salary. They add up your estimated monthly mortgage payment — including principal, interest, taxes, insurance, and any HOA fees — plus your existing monthly debts, and compare that total to your gross monthly income. For a $300,000 purchase in Dayton, OH, local property tax rates and insurance costs will factor into that monthly figure, so your exact income requirement may differ from general estimates.
What Else Affects Your Qualification
Credit score, down payment size, and current debt load all influence whether you qualify and on what terms. FHA loans require a minimum 3.5% down payment for borrowers who meet credit score thresholds, with a higher down payment required if your score falls below that threshold. Paying down existing debts before applying can lower your DTI and potentially reduce the income level you need to qualify. Programs and eligibility requirements can change, so speaking with a licensed mortgage professional is the best way to get an accurate picture for your situation.