The Federal Housing Administration (FHA) is a bit more generous, allowing consumers to spend as much as 31% of their gross income on a mortgage. One of the easiest ways to calculate your homebuying budget is the 28% rule, which dictates that your mortgage shouldn't be more than 28% of your gross income each month. There are national homebuying programs like FHA or VA mortgages designed to help first-time homebuyers.If you could make a 20% down payment on a home, you may not need private mortgage insurance. ![]()
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