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Calculating how much home you can afford using the 28/36 rule. The first thing you want to do when figuring out a reasonable home budget is to calculate your household’s gross monthly income ...
A rule of thumb recommended by Fidelity says that three to five times your income is a reasonable goal, but if you have a lower income, you might have to compromise to keep your payments affordable.
The 28/36 rule. The 28/36 rule is used by many mortgage lenders to determine the ideal price range a borrower should stay within. It states that you should spend no more than 28 percent of your ...
Cover of the Housing and Urban Development Act of 1969 “Brooke Amendment” is the common name for section 213 (a) of the Housing and Urban Development Act of 1969 (Public Law 91-152) that was sponsored by Senator Edward Brooke III (R-MA), which capped rent in public housing projects at 25% of tenant's income.
Assuming a 30-year fixed-rate mortgage with a 5.795% interest rate, along with property taxes and PMI totaling $475 per month, the maximum affordable home price would be $329,728.
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