My lender answered your question. Please call and get pre-approved and call me I want to help in your home purchase. Patty 407-8585
Feel free to forward this to your client:
On a loan amount of $200,000, 30 yr fixed loan at approx 5.00% rate, the principal and interest only would be: $1073.64.
Additionallly, the remaining taxes, insurance, mortgage insurance, monthly HOA (if condo or PUD) would also apply, and would be dependent on the type of loan applied or qualified for. (Conv, USDA, HomePath, VA, or FHA, ect) The income needed would be dependent on the entire qualifying payment called PITI and their remaining existing debts.
Hope this helps,
There are a lot of factors involved to determine. How much of a down payment you plan to put down. What type of loan you want (There are many, many to choose from). And what type of loan you qualify for. I'm sorry to be vague, but any exact answer would be misleading. If you like, I can give you the number of a lender. He'll ask you some simple questions and give you a much better answer.
Adam A. Brunton