Your gross household income is added together. All applicant incomes are calculated together as your grand total for all household income. The grand total is then multiplied by .33 or 33%. This is your MAXIMUM housing expense you may use towards renting a house.
Let's say you make $2,000 per month
Let's say your spouse makes $1,000 per month.
Combined, this is $3,000.
$3,000 x 33% = $1,000
$1,000 would be your max for renting a home.
Your gross household income is added together. All applicant income is calculated together as your grand total for all household income. The grand total is then multiplied by .33 or 33%. This is the MAXIMUM housing expense you may use towards your entire house payment.
Your house payment is comprised of principal, interest, taxes, and insurance.
In order to figure your taxes and insurance, we default 20% of your payment for this amount (which is an estimate).
The remaining 80% of the payment comprises principal and interest.
This is the MAXIMUM amount of raw payment you can use to determine a purchase price for your home.
Let's say you and your spouse earn #3,000 per month. $1,000 of this income may be applied toward housing.
20% is $200 (which is budgeted for house insurance and taxes).
80% is $800 (which comprises principal and interest. This is the MAXIMUM RAW PAYMENT YOU CAN AFFORD for a house payment.
Using the chart below, we can deduce the MAXIMUM "AMOUNT OF HOUSE" you can afford (based on a 6.000% interest rate - the TOP payment represents a 15-year term and the bottom payment represents a 30-year term). Based on the chart below, your payment would be $125,000 and $150,000 (based on a 30-year term) OR between $90,000 - $100,000 (based on a 15-year term.
Homes for Sale, Homes for Rent, Homes for Rent-to-Own
We sometimes carry residential single-family residences in stock (real estate and mobile homes). Just ask if we have an inventory as it fluctuates and demand is very high. If we do not have any homes in stock, we can help you locate a home for you.
Real Estate Services
We offer credit counseling and general financial counseling with regard to helping people find housing as well as search and support assistance.
Real Estate Networking with Real Estate Agents, Loan Officers & Insurance Professionals
We work with these professionals to place people into housing and as a result, we are able to get paid well for doing what's right.
Real Estate Note Network
We put real estate note buyers and sellers together via note network. Ask for details.
Special Events & Seminars
Ask for a schedule of upcoming events. Learn more about real estate, credit and how real estate works.
Living with Parents, Friends or Renting? Have damaged credit or past eviction? Home Sweet Home offers a Home Ownership Program for all persons wishing to become homeowners. We can help you get into a home with this fantastic program. Here's how we assist you on your path to homeownership.
Home Ownership Program
A Second Chance. Rent-to-Own OR Rent First and then buy later. Rent on time for 12 months prior to converting to a purchase or applying for a home loan. Also, our program includes a special document you can use with any potential landlord or seller if you are seeking a house now. Not only will this document significantly raise the chances of approval, it can also be presented to a real estate agent as well to help with your search. Section 8 is accepted (if applicable). Terms and Conditions may apply. We will need a copy of your Section 8 voucher.
We offer Credit Counseling & Re-Establishment assistance. First off, we are NOT a credit repair company. We counsel and educate you on how to best address and tackle your credit issues so that you can fix them yourself without having to always part with your money and give it to a credit repair company in hopes they won't rip you off. Credit Counseling & Re-Establishment is a far better system where you are educated and empowered to address credit challenges with the best possible approach. This way YOU can do it yourself and save your money. Also, credit repair companies don't focus on re-establishing your credit which is 35% of an overall credit profile.
We assist you in your search for housing. Whether Rental, Rent-to-Own or Financing. We may also recommend a Real Estate Agent willing to work with you to locate housing.
Rent-to-Own is a great way to eventually own your own home. We will try to find housing that works on a rent-to-own basis. Otherwise, we may need to find you a home later down the road after the renting trial period that is either for sale or rent-to-own.
Rental credits are a great way to finance the down payment. If we are able to locate a rent-to-own home, we will try to incorporate a portion of your payment (“rental credit”) that can be applied toward purchasing your home.
You will receive information on down payment assistance. You may be able to get up to $1,000(+) using our connections and techniques.
You will receive special reports on credit & rent to own housing. This information is priceless. You can learn how to manage your credit and how to prepare for financing a home loan.
We will send you house listings periodically and have you sign up to have listings sent to your phone or e-mail automatically.
Free Credit Monitoring. We will help you set up free credit monitoring to help monitor and address credit challenges.
Legal Issues & Identity Theft. We remain dedicated to helping our clients find legal assistance and the proper protection. Just ask for details.
WE STRONGLY ADVISE USING A REAL ESTATE AGENT – Agents are more familiar with neighborhoods and the cities in which they are working, they are accustomed to setting viewings and subscribing searches to home renters and buyer. Additionally, many agents have special access keys to access properties that are on the market for rent and/or purchase.
WE STRONGLY ADVISE USING A LOAN OFFICER -
Loan officers can help advise, consult and assist persons who are attempting to loan qualify. Consulting with a lending professional periodically can go along way to help people properly prepare for obtaining a loan approval.
These items constitute our Home Ownership Program which requires a $100 deposit to get started. Cost of the program is $500. You can make payments if needed. This program can pay for itself several ways: (1) Via a rental credit on a rent-to-own home; (2) Via improving and re-establishing your credit. (3) A down payment assistance credit when its time to purchase a home. If you are in a hurry to find a home, then we will do our best to see if we can get you placed as soon as possible. There are no guarantees on how quickly we can make this happen. Every situation is different. Buying a home requires planning, especially if you have damaged credit. We specialize in this entire process and you have to start sometime, why not now! This program is worth every penny! APPLY FREE NOW!! Click on "APPLY FREE"
HAPPY HOUSE HUNTING!