Mortgage Laws Question...

Interesting question-There is no mortgage law that dictates what income can or cannot be used. This is a simple guidleine question. Since this is a Jumbo loan the max debt to income ratio on most jumbo loans is 45%. With a 47k income it does not seem feasible that it would work out even if you did an interest only payment and had no other liabilities.

It isnt a matter of law. its a matter of the borrower demonstrating an abilty to repay the loan. It is not likely that someone with income of $47k would qualify for a loan that size.

The payments on 790k is more than your total income per month. A lender will not lend to someone making this amount. You would need to make atleast 10k a month to cover a loan of that size.