How Much House can I Afford?
This is the most frequent question I get from new home buyers. Most lenders suggest that your debt should be no more than 36% of your monthly gross income; that would be your paycheck before taxes and other deductions. Using that number as a starting point, subract your monthly debt, such as car payments, loans and credit cards. Whatever is left, to make up the 36% is what you will be allowed for a mortgage payment. So, lets just say, your monthly Gross income is $5,000. Multiply that number by .36 to get your maximum debt number, which would be $1,800 per month. I think most of you will find that your debt is way over that recommended 36% mark. Call me today (352) 448-4848 to help you figure out a reasonable mortgage payment for your budget. This is a great time to start looking for a home to buy and I will help you to purchase a home that you can afford. My team can help you with credit repair and we will work wiith you to help you reach your financial goal of homeownership.