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ESTABLISHING YOUR PRICE RANGE

Nothing is more deflating than finding a property you want to own and discovering you can't afford it. The following guidelines will help avoid such a disappointment.

YOUR TOTAL GROSS MONTHLY INCOME = $____________________

YOUR TOTAL MONTHLY PAYMENT = $_________________________
(This includes car payment, credit cards, student loans, child support, etc. - not the house payment)

(Guide Lines May Vary Slightly.)

VA LOANS
GROSS INCOME x 41% = MAXIMUM INDEBTEDNESS
(Maximum indebtedness refers to house payment and monthly payments.)

FHA LOANS - TWO RATIOS MUST BE FIGURED
GROSS INCOME x 41% = MAXIMUM INDEBTEDNESS
GROSS INCOME x 29% = MAXIMUM HOUSE PAYMENT

CONVENTIONAL 5% DOWN - TWO RATIOS
GROSS INCOME x 33% = MAXIMUM INDEBTEDNESS
GROSS INCOME x 25% = MAXIMUM HOUSE PAYMENT

CONVENTIONAL 10% DOWN - TWO RATIOS
GROSS INCOME x 36% = MAXIMUM INDEBTEDNESS
GROSS INCOME x 28% = MAXIMUM HOUSE PAYMENT

VARIOUS PROGRAMS ARE AVAILABLE. CHECK WITH LENDER