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Discussion in 'Credit Talk' started by jfpruitt, Jun 20, 2001.
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I used to be in the mortgage business, and your situation shouldn't be a problem - It depends on your loan amount and what the payments are.
For most "A" mortgage programs, you need to be ~28% of your total gross income for your mortgage payments, and ~36% of your gross monthly income for your total payments (excluding stuff like utilities, insurance, groceries).
For $35K, your monthly gross income is: $2917.
The maximum mortgage payment for your situation is:
2917 x .28 = $845.
The maximum total debt you can have is:
2917 x .36 = $1050
So with your payment of $237, can you go for the maximum mortgage payment?
1050 - 237 = $813,
You may be able to with a flexible loan program, but some mortgage companies may make you stick to $813.
Now, how much of a loan can you afford?
For a 30 year mortgage at 7% and approximately $1000 in yearly taxes, you can afford a $125,000 loan.
Remember, I'm just giving you estimates. Hope this helps.
Wow!! That is a BIG help!!!!!!!! I can do a 125k home...I was just wondering how that worked.