2007-02-07 13:05:28 · 6 answers · asked by the d 6 in Business & Finance ➔ Renting & Real Estate
20% cash flow is king, do not let them talk you into more than 25%. I know you can go as high as 35-40% but they are house poor.
2007-02-07 16:04:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Conforming guidelines for a mortgage state that your monthly payment of principal, interest, taxes, insurance, and any applicable homeowners association fees should not be more than 38-42%. There are lenders out there right now who will allow up to 55% in certain cases, however that is hardly ideal. 40% sounds like a good high end to me.
2007-02-08 02:44:29 · answer #2 · answered by Fungus Amungus 1 · 0⤊ 0⤋
you are generally good with a 30-40% debt to gross income ratio.. that is your income before taxes and any other expenses.. that was before the mortgage industry went nuts and now i think they'll let ya get away with like 50%+
its really up to you and how good you are at keeping a budget and cutting back on discretionary spending..
right now i think i am at like 37% and doing just fine..
2007-02-07 23:37:50 · answer #3 · answered by MrFava 2 · 0⤊ 0⤋
approximately 15% - but I've had the same mortgage for 20 years.
I started at around 20-25%.
2007-02-07 21:10:18 · answer #4 · answered by jbtascam 5 · 0⤊ 0⤋
I spend 20% of my net pay and about 13% of my gross pay on my mortgage monthly.
2007-02-07 21:10:34 · answer #5 · answered by fade_this_rally 7 · 0⤊ 0⤋
It is suppose to be the equivalent to a pay check a month.
2007-02-07 21:13:56 · answer #6 · answered by thirsty mind 6 · 0⤊ 0⤋