Mortgage Affordability Calculator


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Mortgage Affordability Calculator


 

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What are lenders ratios for morgages just for PITI?
I'm just looking for the lower ratio.. the one that just takes in to account PITI, not including other loans, because I don't have any debt. I saw on a mortgage affordability calculator that it is 30 or 30/39. Is 30% normal or can you go higher? I don't take on car, credit card, student loans, so I think I can afford higher for the lower number. I'd be putting 20% down.

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How could this be right?!?!?
I did an mortgage affordability calculator and it told me I could only afford a $41,000 house? Really, kind of funny that when I do a mortgage monthly payment calculator with tax and homeowners insurance on a $110,000 loan I come to a monthly payment that equals what I am already paying in rent on an apartment, and I am making it right now so how is that possible? I mean, I know I couldn't afford much more than what I am already paying but regardless, it was a little disheartening. Are those things right?

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If your income is tax-free do you qualify for a higher mortgage amount?
I get disability which is tax-free. All the mortgage affordability calculators assume I pay taxes on my income. I'd like to buy a little house since the mortgage would be cheaper than the outrageous rent here. I don't want to move because I am finally getting the healthcare I need and have support here. Will the fact that my income is tax-free help me get a higher mortgage amount. Since my income is low I will need as much as I can qualify for. I would qualify for a VA loan. I have no debts, but not very much money saved up.

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