Homebuyer Guidelines
CAN I OWN A HOME? WHAT CAN I AFFORD?
Lenders use guidelines to determine whether home buyers will be able to pay their monthly mortgage payments comfortably. The guidelines lenders use generally state that a household should spend no more than 28 percent of its income on housing expenses and no more than 36 percent of its income on all debt obligations (including the monthly mortgage payment).
Additionally, mortgage calculators are helpful to determine how much house you can afford. If you are buying a house with someone else such as a spouse, parent, partner, or companion, that person's annual gross income and debts can be considered in computing the cost of the home.
CLICK ON THE LINK BELOW TO UTILIZE THE MORTGAGE CALCULATOR!
SEARCH FOR A WORKFORCE HOUSING (WHC) REALTOR
In your search for a home, a Workforce Housing Certified (WHC) REALTOR® , such as The Wright Realtor, LLC, will help you find a home that fits your needs and may be able to provide specific community information on shopping, schools, property tax rates, and more. They may also suggest lenders to use.
The REALTOR® is typically the one who presents your offer to purchase a home to the seller. The offer specifies the type of financing you will use to purchase the home. It's important for you to know your mortgage options at the time you make the offer.
You don't usually pay for the REALTOR's® services. Instead, the seller of the house typically pays through a commission based on the selling price of the home. Generally you will enlist the help of a REALTOR® that will assist you in the transaction.
Ruth is Md Short Sale certified.
