In your opinion what % of net income should I dedicate 2 a home mortgage. I have little debt.?

Answer 1

Ideally, 1/4 of your monthly take home pay. (Ideally, on a 15 year fixed as well.) Just say no to ARMs, balloon payments and 80/20 mortgages.

Answer 2

hmm its difficult to say a certain % of your net income because i dont personally know your living styles and spending attitude....

i suggest that you first compute all expenses you incur during the month (food, fare, obligations, etc), and then if you still have enough money, then you can reserve around 5% of it to savings and the rest to a home mortgage, just make sure that the home mortgage that you will get are within the bounds of what i cited so that you wont have any financial problems in the future

Answer 3

I'm not sure in terms of % however I wanted to remind you of a couple of ideas that accrues to me, the 1st, there will surely be banks willing to allow you a mortgage that are extremely higher then you had thought,be careful. They'll tell you that you need to remember you will be getting "raises" in your income,and that's true. But you can enjoy decorating,building and save money for vacations...2nd thought,you can always send extra funds in toward the principle of your morgage. Best of luck

Answer 4

Ideally it is suppose to be 1/4 but presently it averages about1/3.
Reduce your debt to around 5% of your salery before you take on a mortgage.

Answer 5

The rule of thumb is 28% on your mortgage, insurance, PMI, etc. However, if you have little debt, you could possibly go higher.

Answer 6

In that case, up to about one third of your income.

Answer 7

if you want to be set you really should aim for putting up to twenty percent down for the house