Florida Mortgage Lender Blog & Real Estate News

Owning a Florida home can be a sign of independence and success. It allows you to build up equity and the mortgage interest and property taxes are tax-deductible. Can you afford it, though?

Reputable lenders look at a list of criteria to decide how much they’ll loan you. This list includes:

· Credit score

· Existing assets including cash

· Car leases or loans

· Credit card balances

· Debt consolidation loans

· Home equity loans

· Installment loans

· Student loans

· Other monthly debts

· Size/source of your down payment

If you’d like to get an idea of what you can afford before talking to a lender, here are a few tools you can use to decide whether a Florida home is within your budget:

  • As a rule of thumb, your house hunting budget shouldn’t be more than 2.5 times your pre-tax annual income. If you earn $50,000 a year, your budget for house hunting should be around $125,000.
  • Your Housing Expense Ratio, which is principal, interest, taxes and insurance (PITI) shouldn’t be more than 25% to 28% of your pre-tax monthly income.
  • You're Debt-to-Income Ratio should be no more than 36% of your pre-tax monthly income. This is the ratio between how much you owe and how much you earn.
  • Use an online calculator to figure how much home you can afford.

“Qualifying for” and “can afford” are two different things. Shopping for a Florida home within your budget will save you a lot of heartache now and in the future.

If you'd like help determining how much mortgage you can really afford, we can help. Call us at 407-876-5771 for more information.

Posted by Real Estate - Associates on November 1st, 2009 6:29 PMPost a Comment (0)
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