Most lenders require that your monthly payment range between 25-28% of your gross monthly income.  Your mortgage payment to the lender includes the following items:

• The principal on the loan (P)
• The interest on the loan (I)
• Property taxes (T),
• The homeowner’s insurance (I). 

 Your total monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income.  These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and Property Value.

 

For more information or if you have any questions, feel free to contact me. My reputation for providing buyers and sellers with exceptional service has been built on exceeding your expectations. You deserve the best and I enjoy providing you with the best! It’s as simple as that.