Shouldn't there be $ allotted for house maintainence, but how much % of the income; how much for food and utilities?
2006-06-30 04:46:25 · 9 answers · asked by Pooks 6 in Business & Finance ➔ Personal Finance
your total housing payment should not exceed 38% of your gross income monthly. And to KLs answer below, I AM A MTG BROKER.....FNMA is 38% not 28%
2006-06-30 04:50:32 · answer #1 · answered by huh? 3 · 1⤊ 2⤋
I wouldn't go over 25-30% of your take home. Otherwise, you'll have all of your money tied up in house payment and nothing left over for utilities, food, car, entertainment... Your total expenses (housing/utilities, food, clothing, car/gas/insurance) shouldn't be more than 50% of your take home. Sit down and make a budget with the expenses you KNOW and then see what you have left over. See sources for free budgeting forms.
Mortgage lender tried to get us to go to 40% one time - it would have doubled our house payment and we would have had NOTHING left for clothing, car, ...
2006-06-30 21:13:32 · answer #2 · answered by homeschoolmom 5 · 0⤊ 0⤋
The house payment (principle, interest, taxes and insurance) shouldn't exceed 28% of your monthly income, not 38% (according to Fannie Mae.)
2006-06-30 11:59:29 · answer #3 · answered by KL 5 · 0⤊ 0⤋
33 to 35 percent of your total income lets you know how much monthly housing cost you can really afford
2006-06-30 12:41:09 · answer #4 · answered by ladybug 2 · 0⤊ 0⤋
The standard amount is between 35% and 40%.
It should never exceed 50%.
2006-06-30 11:51:21 · answer #5 · answered by SHOOTER586 3 · 0⤊ 0⤋
Go to Crown.org - they have online worksheets that will provide overall guidelines for Housing and other budget items.
2006-06-30 14:16:13 · answer #6 · answered by Kevin H 1 · 0⤊ 0⤋
40 % of your monthly Income
2006-06-30 11:53:22 · answer #7 · answered by ammus_cbe 1 · 0⤊ 0⤋
You want to make sure that you have enough saved so that if you lost your job you can still afford it.
2006-06-30 11:49:57 · answer #8 · answered by ksgirl 4 · 0⤊ 0⤋
huh has the answer per mortgage lenders. I am one
2006-06-30 11:52:22 · answer #9 · answered by golferwhoworks 7 · 0⤊ 0⤋