How Much Can You Borrow?

How much you can borrow will depend on your income, down payment, job stability, existing debts, credit references and payment history. Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage:

  • Your monthly housing expenses - mortgage payment, property taxes, insurance, etc. These expenses should be no more than 28 percent of your monthly gross income.
  • Your monthly living expenses and any long-term debts - utilities, car and school loan, child support, health and car insurance, etc. These expenses should be no more than 36 percent of your monthly gross income.

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An arrangement by which real estate brokers place their listings together so that all members of the multiple-listing service have an opportunity to sell properties listed by other members of the service.A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION of REALTORS® The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.The e-PRO designation is NAR's online training program to certify real estate professionals as Internet Professionals. Comprehensive and interactive with other successful real estate professionals who are taking the course at the same time you are. e-PRO is the only designation program of its kind recognized nationwide and endorsed by the NATIONAL ASSOCIATION OF REALTORS® (NAR).Hold mouse over logo for description.