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There are several factors that come into play when mortgage lenders calculate how much of a housing payment you can afford. Your gross income, savings, amount of money left over after you pay all the housing expenses, interest rate, credit score, down payment, and other costs are all factors in determining what monthly mortgage payment you can afford.
The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That’s a $120,000 to $150,000 mortgage at $60,000. You also have to be able to afford the monthly mortgage payments, however. Lenders want your principal, interest,
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· Then they factor in your debt, assets and spending to forecast your borrowing power. But to get a rough idea of what you can realistically afford, you can look at:.
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That being said, it seems a lot of folks want to know what mortgage they can afford based on a certain salary such as $50,000 or $100,000. Again, it’s not that simple, nothing ever is in the mortgage world. We can’t just look at your income in a vacuum to determine how much you can borrow for a mortgage.
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But Dad looked at my income and said, You can almost certainly afford a unit if you save for the next 12 to 18 months. You.
This gives you access to primary residence loan programs with low rates and costs, but you also get the advantage of rental income to pay your mortgage. You can use a VA loan or FHA mortgage as.
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Mortgage Type: The type of mortgage you choose can have a dramatic impact on the amount of house you can afford, especially if you have limited savings. fha loans generally require lower down payments (as low as 3.5% of the home value), while other loan types can require up to 20% of the home value as a minimum down payment.