This formula is only a guide and not to be construed as actual lending calculations.Contact your loan officer to determine more accurately what price range you should consider.
Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/insurance or PITI); for your total monthly debt, the ratio is 36%.
Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not include other expenses such as groceries, utilities, clothing, tuition, etc., to calculate this ratio.
Author:Keith Judish Phone: 623-224-7956 Dated: January 17th 2019 Views: 380 About Keith: O'Keith Judish licensed REALTOR® with Realty ONE Group serving the West Valley and Phoenix Metrople...
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This formula is only a guide and not to be construed as actual lending
"O’Keith superbly managed all administrative functions for securing a rental home in my family’s transition from Washington State to Arizona by helping me understand ARMLS postings, and provided several remote home tours via personal walk-thru videos, phone calls and emails to ensure all my family requirements and wishes were met in a timely manner. His tenacious work ethic and strong realty and property management skills have exceeded our needs and expectations. Clearly, he is the go to guy and most valuable point of contact for long-distance home selection. I proudly call O’Keith a new friend.
O’Keith’s professionalism and devotion to meeting my families personal needs reflected credit upon himself and were in keeping with the highest traditions of Arizona Premier Realty.
Thank you O’Keith. I look forward in working with you to purchase a home!
Very Respectfully, "