What are the going rates for mortgages?

What are the latest specifications for mortgages? For example, what is the debt-to-income ratio usually approved at? And if you don't have 20% for a down payment, how much higher will your income need to be to get a decent rate? I'm thinking of financing around $255,000...

it still depends on what you're putting down.....and what product you want.
30yr fixed...20yr fixed??? 5% down ? 10% down?
Notice that you have to make downpayments in increments 5%.....
3% for FHA but your county may need to qualify with the 255k loan amount. you can search with 'fha county limits'

are you looking for the lender to pay PMI? or will you pay PMI?

That all depends on your credit and your banking history.
The better your credit rating the better your rate will be I think
the current rate is about 6.5%.

Well if your putting down less than 20% then you also have to pay the PMI. On 250K PMI is about 175$ per month. That will factor in towards your qualifications. I dont know about taxes and insurance in your area or your othermonthly bills but roughly speaking you would need a household income of 75K per year. It all depends on your monthly expenses and your credit.

Lastly, it doesnt hurt to walk into a bank and talk to someone. Get the info from the horses mouth. Hopes this helps.

Approval depends on the total file.... income, assets, credit.

For example, a person with a lower score than you might get approved with lots of money in the bank and long job history. Another person may get approved with less cash and great long credit history.