First Class Mortgage Reviews
Description
How to fill out Virginia First Preferred Ship Mortgage?
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FAQ
For the minimum down payment of 3% on a conventional loan or 3.5% for an FHA loan, $20,000 could be a sufficient down payment, depending on the price of the home you're looking to buy. However, it's important to consider closing costs and other home-buying fees that you'll need to pay for as well.
Many experts recommend following the 28/36 percent rule, in which you should spend no more than 28 percent of your gross monthly income on housing and no more than 36 percent total on debt.
How Much of a Mortgage Can I Afford? Generally speaking, most prospective homeowners can afford to finance a property whose mortgage is between two and two-and-a-half times their annual gross income. Under this formula, a person earning $100,000 per year can only afford a mortgage of $200,000 to $250,000.
How much down payment is needed? Putting at least 20% down can improve your chances of getting approved and locking in a lower rate (and monthly payment). Some lenders and programs will accept less than 20% down, but in most instances you'll need to buy mortgage insurance.
Mandy Phillips, a mortgage loan originator at Vista Home Loans, ran the numbers with the average property taxes and homeowners' insurance for California to find that buyers with a $2,000 budget could afford a $301,000 purchase price. But purchasing power changes a bit when looking at properties that require an HOA fee.