HOW MUCH HOME CAN I BUY??
Generally, mortgage lenders will approve a mortgage loan application that commits no more than 30-35% of a home buyer's monthly gross income for the mortgage payment. For instance, if your monthly gross (no deductions) income is $6,000 a month, you will qualify for a mortgage payment of about $1,800 which translates to a purchase price of about $325,000 depending on the county, tax rate, interest rate and other monthly payments for automobile, credit cards, etc.
It's not a simple calculation and "one size does not fit all".
Homefinders.com will gladly help you estimate approximately how much home you are qualified to buy. Just call Lenn Harley, Broker, Homefinders.com and we'll "run the numbers" for you.
DOWN PAYMENT, CLOSING COST ASSISTANCE. We can also help you qualify for any GRANTS, down payment assistance for which you may qualify. Counties and states (Maryland or Virginia) differ in programs available for First Time Home Buyers and all home buyers.
LET'S LOOK AT SOME HOMES. You do NOT have to make a mortgage application and qualify with a lender before Homefinders.com will help you with your home search. We prefer to qualify our buyers for PRICE RANGE, get to know the location and type of housing in which you're interested, THEN recommend loan types that BEST SUIT YOUR NEEDS. Your financing needs are far more important than a mortgage company's specialty. Many lenders specialize in VA loans, many in FHA loans. A few offer GRANTS and FIRST TIME BUYERS' PROGRAMS, but not all. We can help you focus on the right mortgage lender to suit YOUR NEEDS.
Call Lenn Harley, Broker, Homefinders.com, 800-711-7988. We can help.
