Before jumping into home ownership, its important you know just how much home you can afford. You don't want to waste your time looking at homes you can't afford, and you also don't want to pass up homes you thought you couldn't afford but which might actually be within your reach. A quick rule of thumb is this: most people can afford up to 3 times their annual household income, and depending on income and credit score, possibly up to 4 times their annual household income. Of course there are many other factors to consider when it comes down to actually being qualified to buy a home. The best way to determine how much home you can afford is to meet with a qualified mortgage loan lender to assess your financial ability to buy a home. Below are a few things a lender may consider when evaluating how much home YOU can afford:
Disclaimer: This information is for general guidance only, and does not represent or purport to represent final legal or financial advice; you should contact your own attorney or lender in all areas in which you have a question. The author nor Moncure Homes is a qualified mortgage lender and advises you consult a qualified professional in your area to answer any specific questions related to your ability to qualify for a home loan.
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