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How Much Home Can I Afford?
Click here to access the worksheet!
How much home could one afford depends on several factors: Income,
Interest Rate (dependant on credit score), and Debt.
- Lenders look at credit
worthiness, and debt-to-income ratios:
- Front-end ratio – the house
payment (no debt) cannot exceed this % of gross income (28%)
- Back-end ratio – the house
payment and other debts cannot exceed this % of gross income (36%)
- House payment includes principal,
interest, taxes, and insurance
- Gross monthly income is income
before taxes
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Hossein Tolooee, GRI
Broker Associate
Residential & Investment Properties
hossein@magnetproperties.net
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Prudential Colorado Real Estate
360 S. Monore Street, 5th Floor
Denver, CO 80209
303-756-2999 (Office)
303-484-3758 (fax)
720-273-4113 (Mobile)
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