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How Much Can You Afford? Florida

Shopping for a home but not sure how much you can spend? Here's how to figure out your price range.

Local Companies

1st Metropolitan Mortgage
904-992-1000
4745 Sutton Park CT
Jacksonville, FL
1st Preference Mortgage
904-279-9292
10201 Centurion Pkwy N
Jacksonville, FL
American Mortgage Loan Co
813-636-9880
600 N West Shore Blvd
Tampa, FL
AESM Enterprises
1-866-577-5709
1161 6th ave s.w.
Largo, FL
Mortgage Banking
305-682-3870
19495 Biscayne Blvd.
Aventura, FL
Best Mortgage Available.com
(941) 227-4759
5521 38th Ave N.
St. petersburg, FL
The Promenade
305-374-5455
333 S. Miami Ave., Ste. 150
Miami, FL
Global Financial Funding Corp
954-668-2770
12555 Orange Drive
Davie, FL
CHUCK KABIS MRA, CMC
239-298-3090
1019 CROSSPOINT DR
NAPLES, FL
AMERICA ONE FINANCE
305.9718272
sw
MIAMI, FL

provided by: 

Qualification ratios are set by the lender that state your housing expense to income, and housing expense plus other debts to income, cannot exceed a specified number. Many lenders use a 28% housing expense to income and a 36% housing expense plus debts to income. Other ratios may be how much you put down on a home.  It is important to remember that these ratios may vary from lender to lender and each application is handled on an individual basis.

 

Housing Expenses

Your montly housing costs include the mortgage principle, interest, taxes and insurance often abreviated PITI.

 

  • Generally speaking, to qualify for conventional loans, housing expenses should not exceed 26% to 28% of your gross monthly income.
  • For FHA loans, the ratio is 29% of gross monthly income.

 

Example

Annual Income

 

Gross Monthly Income

Maximum Conventional Loan Housing Expense

Monthly Housing Payments

$30,000

÷12

$2,500

X28%

$700

 

Long-Term Debt

Any expenses that extend 11 months or more into the future, such as car loans, are termed long-term debt.

  • For conventional loans, total monthly costs, including PITI and all other long-term debt, should equal no greater than 33% to 36% of your gross monthly income.
  • For FHA the ratio is 41%.

 

Budgeting for Your Home

When budgeting to buy a home, it is important to allow enough money for additional expenses such as:

 

  • maintenance
  • utilities
  • homeowner’s insurance
  • property insurance

 

Published on January 25, 2007

Read full article at realestate.com

Featured Local Company

1st Metropolitan Mortgage

904-992-1000
4745 Sutton Park CT
Jacksonville, FL
Read more about How Much Can You Afford?

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