Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community

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You might be interested in knowing how much home you can afford.  The general rule of thumb is:  Your payment should not exceed 30% of your gross monthly income. 
 
So, for example: 
 
If your gross monthly income is   $2,000, your payment should not exceed    $600.
If your gross monthly income is   $3,000, your payment should not exceed    $900.
If your gross monthly income is   $4,000, your payment should not exceed  $1,200.
If your gross monthly income is   $5,000, your payment should not exceed  $1,500.
 
Your payment should include Principle, Interest, Taxes & Insurance (PITI).  Remember, you need to leave enough for other expenses.  There's utilities, groceries, savings, homeowners' fees, automobile expense, gas, doctors' bills, clothing, entertainment, home maintenance expense, and more.   
 
Knowing what payment you can afford will tell you the price of the home you should be able to afford.  This is critical information to know before you start looking for a home.
 
If you'd like to speak with a quality lender, I'd be happy to present you with some contacts.  Remember, interest rates are at an all-time low!
 

Patricia Paul, GRI  **  www.PatriciaPaulProperties.com  **  (520) 548-2078



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