If your maximum mortgage loan is $155,000 you can forget about that $250,000 house (unless you happen to have $95,000 for a cash down payment).
On the other hand, that charming home for $175,000 can be in your grasp if you can find $20,000 for a cash down payment.
Note: The mortgage lender's calculation ignores the cost of neat stuff like:
Maintaining the house
Remodeling the house
Filling it with furniture
Savings for college tuition or retirement
Seeking a mortgage bigger than the maximum suggested by our mortgage calculator can be justified by special situations, but in general, our maximum is at the upper end of what most people can afford.
Contract Package $14.20
Real estate forms & contracts to legally sell or buy a home. Download them in Microsoft Word format for Windows & Mac. Order now.
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Copyright Jan. 2006 by Audrie.com Corporation
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