General Area in Oakland>Question Details

Oaklandish, Home Buyer in Chicago, IL

What apt is best for 50k-60k income professional to live in Oakland?

Asked by Oaklandish, Chicago, IL Thu Mar 28, 2013

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If you're buying -
Most lenders are allowing up to a 55% back end debt to income ratio. Which means - Lenders take you're monthly expenses and divide it into your gross monthly income. The loan program will determine what maximum debt to income ratio you're allowed. It also factors down payment closing cost, etc. I recommend getting pre-approved for that solid answer. Sounds complicated but is very simple process.

If you're renting - Use the same basic concept. From there, we can work backwards to determine your max monthly amount versus whats is available in the market for that price range.

I can help you in both area - if you're renting or buying. feel free to contact me.
0 votes Thank Flag Link Thu Mar 28, 2013
There is only one answer: the one you can afford. Ask your loan broker to pre-approve you. That would show what you can do financially.
0 votes Thank Flag Link Thu Mar 28, 2013
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