Wondering how much home you can afford? Here is what comes into play when determining the amount that you will be preapproved for…
*Buying a home on your own?
When you are buying a home on your own, your debt to income ratio, credit score, and monthly income will all come into play. Debt to income ratio meaning how much debt you have (student loans, car loans, etc.) compared to how much money you are making monthly. From there, the loan officer will be able to determine how much you can afford by giving you a suggested price range. It is up to you where you choose to stay within that price range, it all depends on what monthly payment you feel most comfortable with (which your loan officer can determine for you, too)!
*Buying your home with a partner?
All factors that come into play when buying a home on your own come into play when buying a home with a partner – BUT when buying with a partner, debt to income ratio, credit score, and monthly income for both of you COMBINED come into play. So, that means all of your debt combined with be compared with your total income, both credit scores, and a monthly household income will determine what you are preapproved for!
If you need more information or are thinking of getting in contact with a loan officer to see what you could afford, here are a few preferred lenders…
Dawn Hoback
Phone: 937-436-5030
Email: dhoback@talmerbank.com
Paul Sushereba
Phone: 937-422-9167
Email: psushereba@primelending.com
Jordan Lance
Irongate Inc., Realtors
Ryan Gillen Team
937-694-2721
*Buying a home on your own?
When you are buying a home on your own, your debt to income ratio, credit score, and monthly income will all come into play. Debt to income ratio meaning how much debt you have (student loans, car loans, etc.) compared to how much money you are making monthly. From there, the loan officer will be able to determine how much you can afford by giving you a suggested price range. It is up to you where you choose to stay within that price range, it all depends on what monthly payment you feel most comfortable with (which your loan officer can determine for you, too)!
*Buying your home with a partner?
All factors that come into play when buying a home on your own come into play when buying a home with a partner – BUT when buying with a partner, debt to income ratio, credit score, and monthly income for both of you COMBINED come into play. So, that means all of your debt combined with be compared with your total income, both credit scores, and a monthly household income will determine what you are preapproved for!
If you need more information or are thinking of getting in contact with a loan officer to see what you could afford, here are a few preferred lenders…
Dawn Hoback
Phone: 937-436-5030
Email: dhoback@talmerbank.com
Paul Sushereba
Phone: 937-422-9167
Email: psushereba@primelending.com
Jordan Lance
Irongate Inc., Realtors
Ryan Gillen Team
937-694-2721
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