We would need the entire loan scenario to answer your question.
Maximum mortgage payment is based on many factors.. income, debt, and other housing costs associated with a new purchase such as property taxes, insurance, HOA fees, etc... without knowing all the details, it's impossible for anyone here to say.. If you want to know for sure then you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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
The answer depends on the rest of your monthly obligations that show up on your credit report. Generally you can spend up to 40% of your gross check (before deductions) on mortgage payments, car payments, student loan payments and credit card payments.The other 60% is what you live on. Food , Clothes, Gas, insurance...etc.Call me for details. 216 337 7520 Ray
Realistically, anything under 30% of your pre-taxed is considered a safe payment, so anything under $1320. www.WI-MortgageBroker.com
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