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How Much Home Can You Afford?
Many lenders use the 28/36 Ratio
Test to determine the mortgage loan for which a buyer may qualify. You can
estimate how much home you can afford by following these guidelines:
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The sum of your monthly payment, homeowner's insurance and property taxes should
not exceed 28% of your monthly gross income. |
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Your monthly debts, including your mortgage payment, should not exceed 36% of
your gross monthly income.
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Please note that there is no
warranty, expressed or implied, for the accuracy of this information or it's
applicability to your financial situation. You should obtain personal advice
from qualified professionals.
If you have questions about mortgage financing, mortgage pre-approvals, Pittsburgh,
Allegheny County or Westmoreland County real estate property taxes, or
if you need referrals for reputable mortgage lenders,
click here.
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Member, National Association of Realtors
®
