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Home Ownership in Brooksville : Real Estate Advice

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  • Home Buying30
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Activity 3
Tue May 3, 2016
Diane Eder asked:
Had it listed in 2014. Want to re-list it at a different price.
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Sat Oct 31, 2015
Linda Graves asked:
We're looking to downsize & I think I may like this app if I can navigate it.

Thanks....Linda
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Wed Jul 16, 2014
Raymond P. Rose answered:
The most common rule of thumb cited with loan mortgages is that you cannot exceed 28% of your adjusted net income per month. For example: If you make $48,000 per year net income for your household that would be $4,000 per month and you could then afford a payment of around $1,120 PITI.

Now to define what I mean. $4,000 X 28% = $1,120

PITI means Principle, Interest, Taxes and Insurance or P.I.T.I.

I will make some basic assumptions here to give you a general possibility. If you buy a house for $35,000 Principle and Interest would be $188. per month at 5% interest amortized over 30 years. The taxes without homestead exemption would be roughly $460 a year and your Insurance probably would be around $1,300 yearly in our area. That makes your payment roughly $400 a month. There are a LOT of variables like your credit score, down payment, insurance in your area and the bank discount points etc. A Bunch of stuff.

But....roughly it would be a $400 dollar a month payment. At 28% of your income can you pay a $400 payment?
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