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How Much Can You Afford? North Carolina

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

Local Companies

1st Capital Mortgage Corp
336-299-9995
7 Oak Branch Dr
Greensboro, NC
1st Choice Mortgage Equity
336-834-0049
1500 Pinecroft Rd
Greensboro, NC
Primary Residential Mortgage, Inc.
(910)389-6809
825 Gum Branch Road
Jacksonville, NC
Absolute Mortgage Corporation
(704) 814-7050
1805 Sardis Rd N
Charlotte, NC
Accubanc Mortgage
(704) 643-4011
6100 Fairview Rd
Charlotte, NC
CCB - Salem Group
(704) 347-6136
6836 Morrison Boulevard
Charlotte, NC
First Mortgage Source
(919) 401-9474
5302 Nc Highway 55
Durham, NC
Southgroup Mortgage LLC
(704) 362-3177
120 Greenwich Rd.
Charlotte, NC
Alpha Mortgage Corporation
(704) 366-1225
2700 Coltsgate Rd
Charlotte, NC
Wells Fargo Reverse Mortgage
704-896-1517
19520 West Catawba Ave
Cornelius, NC

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 Capital Mortgage Corp

336-299-9995
7 Oak Branch Dr
Greensboro, NC
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