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Asked by William P Duffy, Jewett, NY Fri Mar 22, 2013

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Simon Campbe…, Agent, Miami Beach, FL
Fri Mar 22, 2013
According to general lender requirements, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance on all your properties, should not exceed 33 percent of your gross monthly income including the net operating income from rental properties.

Formula: Monthly Salary x 0.33

Your total monthly debt obligation including housing expenses, car loans, child support and alimony, credit card bills, student loans and homeowner association fees etc. should not exceed 40 percent of your gross income.

Formula: Monthly Salary x 0.40

This will help you to gauge your finances and the amount of mortgage that you can afford.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri Mar 22, 2013
Any licensed loan officer can accurately answer the question after he/she has reviewed your overall financials, therefore for a personalized answer/not generalized, consider a consultation....
1 vote
Joe, , New York, NY
Fri Mar 22, 2013
You can talk to reliable mortgage brokers. Since they know the requirements and offers from different banks, they can provide you with different options and explain to you their pros and cons, also can guide you through the process.
0 votes
Yul Park, Agent, New York, NY
Fri Mar 22, 2013
Hello William,

You really should talk to a mortgage professional. I have a referral that is a simple phone call away and can answer all your questions. His name is Jason Han and he works for Chase Bank. His contact info is below. Please tell him Yul referred you. Good luck.

Jason Han
Chase Mortgage Banker
Cell: 516-459-7826
0 votes
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