Comments on: How Much House Can You Afford?

By: shea priester

shea priester — Wed, 29 Jul 2009 01:31:08 +0000

I have a question concerning “gross annual income”. I live in Laurel Maryland (prince george county). They have a programe that stipulates, that they will pay the closing and downpayment if we fall into a certain bracket. We made last year $110,812.00

They are saying…

“Income Eligibility

Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size. ”

There are four of us. According to their chart we are at the 120% limit which will be $123,000

Do they go by last year ‘Gross annual income or our current income

By: jim

jim — Tue, 12 May 2009 00:55:23 +0000

Hi,

I’d like to have the spreadsheets that you mentioned will help on budget and calculate ratios.

Thanks

By: Russ

Russ — Wed, 27 Aug 2008 15:14:28 +0000

No problem, as long as you credit the source.

By: Nicole Freitag

Nicole Freitag — Tue, 26 Aug 2008 17:14:02 +0000

Hi I work for a housing development in Zambia – our target market is low to middle income housing. The mortgage market in Zambia is seriously underdeveloped therefore the general understanding of mortgages is rudimentary at best. None the less I found this a very interesting article and would like to post a link to it on our website as it explains affordability in an easily accessible way. Is this something we would have to pay for or can we just link up.

Thanks and regards,

Nicole

By: Front and Back Ratios

Front and Back Ratios — Fri, 16 Nov 2007 02:08:12 +0000

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By: Who is Responsible for this Mess? « Smart Mortgage Advice

Who is Responsible for this Mess? « Smart Mortgage Advice — Mon, 20 Aug 2007 15:08:24 +0000

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By: at ChitownLiving | A Chicago Real Estate Blog

at ChitownLiving | A Chicago Real Estate Blog — Wed, 01 Aug 2007 23:21:57 +0000

[...] of Smart Mortgage Advice, delivers a succinct post on a couple key ratios used when answering the question, “How much house can you afford?” A timely post [...]

By: lblair

lblair — Wed, 01 Aug 2007 22:28:59 +0000

At a rudimentary level in considering home purchases, I’ve always taken 10% of the list price to estimate the money down, and 1% of the list price to estimate the monthly payments.

Those figures give me a ballpark to work with in quickly considering whether or not the home purchase would fit into my budget.