Hilarious Single Woman Home Buyer PhotoOur home affordability tool calculates how much house you can afford based on several key inputs: your income, savings and monthly debt obligations, as well as the mortgages available in your area. How We Calculate Your Home Value • First, we calculate how much money you can borrow based on your income and monthly debt payments • Based on the recommended debt-to-income threshold of 36% and looking at actual mortgages available in your neighborhood for those with your credit score, we then can calculate your total borrowing potential • Next, we look at your savings to see what kind of down payment you can afford • Using your borrowing potential and what you have available for a down payment we can calculate a comfortable home value for you.read more •. Mortgage data: We use current mortgage information when calculating your home affordability. Closing costs: We can calculate exactly what closing costs will be in your neighborhood by looking at typical fees and taxes associated with closing on a home. Homeowners insurance: We assume homeowners insurance is a percentage of your overall home value. Debt-to-income threshold (The 36% Rule): We recommend that you do not take on a monthly home payment which is more than 36% of your monthly income. Our tool will not allow that ratio to be higher than 43%. Single Woman Home Buyer Needed Income For MortgageMortgage Type: The type of mortgage you choose can have a dramatic impact on the amount of house you can afford, especially if you have limited savings. FHA loans generally require lower down payments (as low as 3.5% of the home value), while other loan types can require up to 20% of the home value as a minimum down payment.read more •. Michelle Lerner Home Buying As SmartAsset’s home buying expert, award-winning writer Michele Lerner brings more than two decades of experience in real estate. Single Woman Home BuyerMichele is the author of two books about home buying: “HOMEBUYING: Tough Times, First Time, Any Time,” published by Capitol Books, and “New Home 101: Your Guide to Buying and Building a New Home.” Michele’s work has appeared in The Washington Post, Realtor.com, MSN and National Real Estate Investor magazine. She is passionate about helping buyers through the process of becoming homeowners. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper.read more. Key Takeaways for Average Home Values 1 bedroom home: $ ---,--- 2 bedroom home: $ ---,--- 3 bedroom home: $ ---,--- Real Estate Taxes The average annual property tax in is.--%. For a home with an assessed value of $ ---,--- this would be an annual cost of $ -,--. Taxes in are -% higher/lower than the national average.
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