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Community Mortgage C o r p o r a t i o n
How Much Can I Afford? |
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How much house you can afford is an extremely important question, and not one easily answered.
Many homebuyers tend to select a home, then try to figure out how to afford it. A much better way is to spend some time with one of our loan officers, become acquainted with all of your options, then make the best decision for your financial situation.
There are many factors that can affect the amount of a home purchase. Among these are:
Our loan officers are experts in analyzing all of the details of a home loan. Here is how it it done.
Credit Score - Accessing your credit report is the first step in any loan process. This provides an instant snapshot of your financial situation and your ability to purchase a home.
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There is no simple answer.
The Home Loan Industry has so many diverse Lending Programs that a thorough review of your home buying plans should be done by a Professional Loan Officer.
A smart decision is to allow one of our Loan Officers to review your home purchase plans and to pre-qualify you for the best loan program. |
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Debt to Income Ratio - The credit report, along with some questions about income, will allow the loan officer to calculate the maximum payment you would qualify for. From this information, a maximum loan amount can be determined.
There are 100% loan programs available. In some the seller will pay a portion of the closing costs. Down payment assistance money may be available in locations such as Memphis. In some circumstances there are non-profit organizations that will provide gift money to borrowers that need help with down payment or closing costs.
As you can see, the answer to the question "How much can I afford?" is not a simple one. Every home loan involves different elements. A very good idea is to call or email one of our professional loan officers and let them answer that question based on your individual situation. Click here to select a loan officer. |
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Corporation, 1989 - 2006. All Rights Reserved
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Cash available to close
the loan - How much you can afford also depends on the amount of the
down payment. If it is determined that you can afford a home in the
$90,000 price range and you are looking a homes costing $110,000,
obviously you will need $20,000 for a down payment. There are, in most
cases, closing costs you will be required to pay. You must have money
available for those costs.
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Housing Lender