how much home can I afford if I make $250k a year?

What you can afford depends on a lot of information, such as down payment, credit score, property type, insurance/HOA amounts, location for taxes ect. Rule of thumb, your Debt to Income or DTI ratio should be under 45% of your gross income. If you are self employed, this can make calculations more complex. But if you are a wage earner with 250k yr, thats $20,833 per month and 45% of that is $9,375 which is the maximum debt a lender would allow you to carry, including all debt, credit cards, car payments, home loans, taxes, insurance, etc...Give me a call if you would like some real numbers and good luck!

how much you can afford is based on your income AND your debt.. without knowing what your debt is, we cannot tell.. understand that DEBT is different than bills/expenses.. When determining your DTI, the lender will look at the minimum monthly payments associated with outstanding debt plus the new housing payment.. they will not consider your utility payments, or cell phone bill, etc.. but only payments against outstanding loans you owe.. the ratio for conventional financing is 45% max. FHA allows for a higher ratio, up to 55%. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

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