March 2013

There are 2 blog entries for March 2013.

Once you have decided to purchase a home, the next big question becomes “How much can I afford?” While there are no simple answers to this question, there are a few things you should keep in mind when trying to determine how much you can afford to pay for your home.

 

As a general rule of thumb, most financial experts recommend purchasing a home that costs no more than 2 to 2 ½ times your gross annual household income. Kevin Koitz of The Koitz Group recommends, "If your gross annual household income is $50,000 per year, you should look at homes that cost anywhere from $100,000 to $125,000. Therefore, if you have a large down payment or if you have relatively few additional debts, you may be able to afford a home with a larger price tag."

 

Of course,…
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Even with Bad Credit, Buying a Home is Possible It is no secret that housing loans have become more difficult to obtain every since the housing crash. If you hope to get your loan easily, you need to have excellent credit, a low debt-to-income ratio, a large down payment and a steady source of income.

Still, does this mean you can’t get a home loan if you do not have all of these things to offer? Fortunately for those with bad credit due to bankruptcy or foreclosure, it is still possible to get a home loan. To make your dream of homeownership a reality, however, you will need to take certain steps to show potential lenders that you are a serious buyer who is prepared to handle the responsibility of homeownership.

So, how can you prove that you are

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