ACCESS BROKERAGE, INCORPORATED

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QUICK SUMMARY OF MORTGAGE LOANS


Compliments of Jim Parker,

Exclusive Buyer Agent


WHAT CAN/SHOULD YOU REALLY AFFORD?

A "shoot from the hip" response to this question should be 30% of your monthly gross income. You will hear about front end and back end ratios. Simply the front end ratio is the ratio of monthly mortgage payment to gross income.(Conventional loans require 28% or less.) The back end ratio is the monthly mortgage payment plus monthly auto loan, credit card, or other loan payment. (Conventional loans require 36% or less.) If neither ratio can be achieved, you may want to try FHA or VA type loans.

NOTE: Look for homes below your upper price range. If you find something less expensive that you like, you will be able to save money. It has been my experience that every $10,000 in home price means a difference in features of a home.

===Click here to calculate what home price you can afford===

  • Decide what you want...low payments, no money down, lowest interest rate, etc.
  • Check some of these sources(Don't forget to ask me about lenders and loans first):