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How Much Can You Borrow?
How much you can borrow will depend on your income, down payment, job stability, existing debts, credit references and payment history. Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage:
- Your monthly housing expenses – mortgage payment, property
taxes, insurance, etc. These expenses should be no more than 28
percent of your monthly gross income.
- Your monthly living expenses and any long-term debts –
utilities, car and school loan, child support, health and car
insurance, etc. These expenses should be no more than 36 percent of
your monthly gross income.
There are mortgage qualifications that allow higher ratios than 28/36. Contact Frank Armstrong for more information.
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RE/MAX
of Rochester
4600 18th Ave NW
Rochester, MN 55901
Toll Free 1-888-736-2904
Direct 1-507-287-7722
Each Office Is Independently Owned and Operated

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