3/13/2023 0 Comments Device could not be powered up![]() ![]() Keep in mind that generally, the lower your credit score, the higher your interest rate will be, which may impact how much house you can afford.įHA loans are restricted to a maximum loan size depending on the location of the property. If your credit score is between 500-579, you may still qualify for an FHA loan with a 10% down payment. The lowest down payment is 3.5% for credit scores that are 580 or higher. ![]() If you make $3,000 a month ($36,000 a year), your DTI with an FHA loan should be no more than $1,290 ($3,000 x 0.43) - which means you can afford a house with a monthly payment that is no more than $900 ($3,000 x 0.31).įHA loans typically allow for a lower down payment and credit score if certain requirements are met. However, these limits can be higher under certain circumstances. This means your monthly payments should be no more than 31% of your pre-tax income, and your monthly debts should be less than 43% of your pre-tax income. With a FHA loan, your debt-to-income (DTI) limits are typically based on a 31/43 rule of affordability.
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