Income guidelines?

what kind of income guidelines would someone have to prove to finance a home for $119,000.00 Great credit, no other debt. 30 yr fixed rate.SIngle person, self employed. What kind of income would they want to see on taxes or otherwise to qualify for the purchase of a home?

The typical guideline is that your mortgage payment should be no more than 25% of your pay. The yearly payments on a $119k mortgage are $8100 @ 5.5% interest, so you should be earning over $32,000 to manage such a loan.

That is fairly conventional wisdom that banks use. They were much looser than that in recent years, but may be tighter than that now due to current US credit issues.

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