To discover you home buying potential, calculate your,
- Monthly expenses
These factors determine how big a loan you can afford and how buying a home will affect your monthly budget.
Generally, a lender will want your monthly payment to total no more than 29% of your monthly gross income (that’s your monthly income before taxes and other payroll deductions are taken out). You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you will be able to afford. According to the FHA, the monthly mortgage payment combined with non-housing expenses, should total no more than 41% of income.
Income Information: Gross Income = $x,xxx
- Bonuses & Commissions
|Other Monthly Obligations INCLUDE:
Monthly Debt Information:
Monthly Debt Information = $x,xxx
Minimum Credit Card Payment
Other Monthly Obligations
Other Monthly Obligations INCLUDE:
- Child Support
- Student Loans
1. How much Mortgage you can afford?
2. Create Your Wish List.
3. Mortgages & Home-Buying Programs.
4. Mortgage Assistance Programs.
5. Shopping for a Home.
6. Building a Home.
7. Negotiate and Finalize the Contract.
8. Inspection, Insurance, & Interest Rate.
9. Settlement or Closing.