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Calculating DTI

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Imperfectfuture
Super Contributor

Re: Calculating DTI


@StartingOver10 wrote:

@Imperfectfuture wrote:
Using Shane's logic, saying hubby makes 3500 after tax (not including investments, savings, etc), homeowners at 1k, property tax at 1300, no payments (presumably non community property state), you can afford up to 175k+

Use this calculator. http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx

Don't assume HOI at $1k and property tax at $1300.  These items vary wildly all over the country and I know Shane uses different numbers appropriate to the area in which the loan in made. 

 

The OP can substitute the appropriate real estate taxes and HOI suitable for the OP's area


Whoops, I am sorry tired.  Meant SO10 logic.  Got the wrong name.

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Message 21 of 23
Anonymous
Not applicable

Re: Calculating DTI

UPDATE: I spoke to our lender. She said we qualified for $250,000 for FHA and up to $200,000 for the rural home loan. Whoop Whoop! I was getting some kind of nervous.

Message 22 of 23
StartingOver10
Moderator Emerita

Re: Calculating DTI

Congrats!

Message 23 of 23
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