How Much Home Can I Afford?

October 9, 2018
Posted in Programs
October 9, 2018 derekevansteam

How Much Home Can I Afford?

Want to know if you can afford to purchase a home? Have no idea where to start? That’s what we’re here for!

As a general rule of thumb, you’ll want to follow these rules:

  • Your total debt payments, including your house payment, should be less than 36% of your income.
  • You should aim for a 20% down payment and try to keep three months’ worth of payments in the bank in case of an emergency.

Of course, there are exceptions to every rule. For example, FHA loan requirements allow for:

  • 3.5% minimum downpayment
  • Maximum debt payments up to 57% of your income
  • You can qualify with a credit score as low as 580

Other loan programs have varying requirements, benefits and drawbacks. We’ll find a program that’s right for you based on your unique situation. There’s no cost and no obligation, so if you’re curious, call us today and ask, “how much home can I afford?”.

We’ll have a conversation with you about your timeline and goals. Additionally, we’ll look at your income, cash on hand and understand your debts. Finally, we’ll factor in closing costs, taxes, and insurance, and at the end of the conversation we’ll let you know how much home you can afford, the down-payment requirements and your estimated monthly payment. Fill out the form below to get started:

Not quite ready for a conversation? Try out our mortgage qualifier below!

Mortgage Qualifyer