How Much Home Can I Afford?
This is determined by your gross yearly income and your current
Income includes all income reported by W-2 forms and/or 1099 forms.
Income usually includes husband and wife or total income of parties
Current long term debt consist of all Auto loan payments, student loans,
Alimony is considered a debt and in some cases so is Child support.
Good credit rating is extremely important in securing a mortgage at the
Less than perfect credit can sometimes still qualify but you will end up
The ratio of how much payment you can afford is:
Conventional Payment (including taxes and insurance on new home)
FHA and VA Payment (including taxes and insurance on new
**People often qualify for more of a payment than they are comfortable
**all mortgage loans usually require that you have been in the same
**acceptable income is income which is verified by the last 3 years of