Not knowing what your total budget for a house payment will be is starting off in the wrong direction. Before you start looking for a home to purchase you will need to know what your budget will buy you. Here is a handy mortgage loan payment calculator off to the right to figure what your estimated monthly house payment will be based on what you set your budget at.
Before you house hunt, get yourself pre-approved before you waste time, money and energy on looking for a home. Always a good idea to start here to see what your overall credit profile looks like, you may have something on your credit that may prevent you from purchasing a home right away and by running your credit you can start to clean your report before it is to late. Collections and judgements depending on what they are can effect you from purchasing a home, by running your credit you can work on the necessary items to put yourself in a better lending position when it comes time to make an offer on a home.
Income is key as while as the credit. Traditional lending today such as Fannie Mae, Freddic Mac, FHA, VA, USDA-RD does not have stated income programs, all verifiable income standards with paystubs, W2, 1099 and Federal filed tax returns. The industry for now uses a 45% front end dent to income ratio, which is your monthly average gross income times 45% and that is what your total monthly mortgage can be. Also you can use the house payment calculator to figure how much home you can purchase with that 45% figure HERE under the budget tab.
Calculating your monthly mortgage payment based on your income or set a couple hundred dollars more on what you are currently paying in rent, will give a bench mark to explore your purchasing power. Before you make an offer on a home, you still need to call me so that we may review your overall credit, income and assets profile to ensure you are a fundable buyer.
Also, for the agents and buyers that are out in the field looking at homes and would like to know a payment, down load my free mortgage app to your smart phone and always have a payment at your finger tips at lenderapp in your app store. Pick any user name that you want and the password is rufty.
Need to set a budget so when calculating a mortgage payment set on your budget will make a difference when looking at homes. We set a budget when looking at a car to buy, need to do the same thing with a home, but first need to see if you can qualify for that budget.
That is why I welcome the opportunity to speak with you about purchasing a home. Lets get started by completing a contact form for me to call you or contact me directly at 909-503-5600. Nathan Rufty I look froward in hearing from you soon.