Guidelines for confirming mortgages allow a 38% household DTI ratio. So a $1M home with $800000 loan comes out to around $5000 (3.875% ARM), putting minimum income at $160k. So 5x salary with 20% down.
The government-backed mortgages are capped below $1M though, aren't they? I thought jumbo loans were portfolio loans, so government criteria didn't apply.
