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Home Buying in Bishopville : Real Estate Advice

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Wed Jul 21, 2010
brent mendelson answered:
Renee is right on the money. The first question I would ask is how much can you afford taking into account the monthly mortgage payment plus taxes, insurance and any HOA fees. Then we come to a number that you can use a purchase price. It also depends on the amount of down payment you have saved. One thing, is you go off the gross income for all borrowers. You take that number and divide by the total mortgage payment and the minimum monthly payments on any debt that is listed on your credit report. If it's not listed on the credit report we don't count it against you. If you owe AMEX 5,000 but only have a monthly payment of $88 that is all we would use in our approval process. The number is referred to as debt to income ratio or DTI. If you are under 45% you will be fine. Over 45% can be done but by less banks therefore the rate could be slightly higher. You need to talk to a mortgage banker to see the credit report and get accurate numbers on your income. If you are sefl employeed or have bonus and over time income the rules are different. Hope this help and let me know if I can be of further assistance. Thanks, ... more
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