How Much Home Can You Afford?mylenderjackie
Find out your best affordability with a home loan in Orange County, CA!
Maybe you’re wondering if you can afford a home in Orange County?
The conforming loan limit is 625,500.
While there is no calculator to absolutely determine your affordability, you can take a peek below on the criteria that your home loan will require!
Gather your information on:
- Your name
- Current address
- Estimated annual household income
- Estimated monthly household debt expenses
- Residential history
- Personal assets (bank account statements, real estate holdings, stocks, etc.)
- Employment and income history
- Personal debt
Take a look at your gross monthly income. Your mortgage payment can generally be a maximum of 28 percent of total. Similarly, 32 percent is the maximum total housing payment, with 44 percent being the maximum debt payment including taxes/ insurance/ HOA.
To sum it up, you shouldn’t be designating more than 28 to 40 percent of your monthly paycheck for your home loan.
Right Choice Mortgage has many programs with various underwriting guidelines, some more flexible/generous than others.
If you’re applying for a VA loan, be sure to have your military service information on hand, along with relevant paperwork if you have previously used a VA loan in Orange County, CA!
If you’re ready to get started on your home loan in Orange County, CA call Jackie Barikhan at Right Choice Mortgage to get pre-approved and get all your questions answered. 949 -600-0944 www.mylenderjackie.com