How Much Home Can You Buy in Philadelphia? ::Step 1::

Home Much Home Can You Buy in Philadelphia? ::Step 1::

Make a Rough Estimate of How Much Home You Can Afford Based on Income

Most homebuyers find that they need to finance at least part of their home purchase. Therefore, the first stage in finding the right home is to review your personal financial situation and make an informed estimate of your true purchasing power. Your purchasing power will depend on:

• Your income
• Your Credit Rating
• Other Monthly Expenses
• Your Down Payment
• Available Interest Rates

Here are a few methods that will give you an approximate starting point for how much home you can afford:

METHOD 1: The price of your home shouldn't be more than 2.5 times your annual salary.

METHOD 2: A house payment should be no more than 25% of your gross monthly income (before taxes and deductions.)

Keep in mind that these are guidelines. There are many other factors that determine how much home you can afford.

Want to take the first step in buying your home?
Talk a lender today!

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