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How much should I spend on a house?

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Lined Circle

Whatever you imagine for your home, you want it to be a sanctuary for you and your family. But before you can relish in the comfort of your house, you have to find it first.

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It is generally recommended to do some calculating on your own using your net take home pay and estimating all of your ongoing expenses.

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You choose which loan amount may work for your budget. Keep in mind that different loan programs offer different qualifying criteria.

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Pre-Approved Mortgages

For conforming loans you may see lenders offer a qualifying ratio of up to 50% DTI. Doing your research on what different loan programs offer while shopping around for rate is recommended.

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Conforming Loans

When calculating the cost of home affordability, these two aspects usually come into play—how much mortgage you can afford, and how much cash you can bring to the table for closing.

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More than Just a Down Payment

HOA dues are not included in your mortgage payment, but can be due to the association on a monthly basis.

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HOA and Other Costs

Some Jumbo loan programs may not have a PMI requirement even with less than 20% down. These higher loan amounts can call for 10% down with no PMI requirement, but that means shelling out cash for a larger loan. Closing day can be an expensive one.

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Jumbo Loans

Doing your research upfront such as reviewing your credit score and becoming familiar with the different loan programs offered for your debt-to-income ratio qualifying range is generally considered to be a good idea.

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Setting Your Expectations

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