| Based on today’s interest rates, we can use the following calculations as a guide to see how much mortgage you can afford. The big caveat is that your situation is unique, and this is in no way a loan pre-qualification.
Meeting with a lender to go over your situation is the only way to find out for sure what is the best loan scenario and the most you can qualify for. Also, there are many other loan programs available out there. You have options like FHA, VA, Self-employed loans and many other options to fit your particular situation. Let’s use $100,000.00 per year income as an example: ● 20% down on a conventional loan. Great credit and No debts = approximately $790,000.00 purchase price and monthly payment would be approximately $4,150.00 including taxes and insurance. ● 5% down on a conventional loan. Great credit and No debts = approximately $645,000.00 purchase price and monthly payment would be approximately $4,150.00 including taxes, PMI and insurance. ● 3.5% down on an FHA loan. Medium credit and No debts = approximately $595,000.00 purchase price and monthly payment would be approximately $3,900.00 including taxes, PMI and insurance. Here are a couple of scenarios for anyone that have bills to pay, like most of us.
(Above information was a courtesy of Mike Meena). Thinking about buying or selling a home? Contact me at any time. I am never too busy for you! Mariness Chata / Mariness Chata & Associates / (661)317-3332
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Real Estate Insights By Mariness 