The Question is: HOW MUCH HOUSE CAN I AFFORD?

HOW MUCH HOUSE CAN I AFFORD?

To determine how much you can spend on a home, take a close look at your budget. Review your bank statements and spending habits for the last couple of months to figure out how much you are spending on everything from cellphone bills to restaurants. The Consumer Financial Protection Bureau offers a spending tracker that can help you figure out where your money is going each month.  

Once you have a better picture of your spending habits, determine how much you want to allocate toward a monthly home payment. This figure includes your principal, interest, tax and insurance payment, which add up to your monthly mortgage sum.

The Federal Housing Administration formula, used by many lenders, recommends allocating no more than 31 percent of your monthly income to your housing payment. This figure will change based on your amount of debt. Buyers with no other debt may be able to budget as much as 40 percent of monthly income to housing. (But remember that the rest of your budget is going to have to go toward heat, water, electricity, routine home maintenance and food.) Overall, your total debt-to-income ratio, including car payments and credit card bills, should not exceed 43 percent.

So, for example, if you make $50,000 in annual gross income, your monthly gross income is $4,167. That should leave you with $1,292, or 31 percent to devote to your monthly mortgage, provided your overall debt does not exceed $1,792 a month. Our mortgage calculator can help you determine what your monthly mortgage may be.

But remember that besides the mortgage, buying a home includes additional one-time payments that can quickly add up, including closing costs, legal fees and other expenses associated with buying, such as a house inspection. And don’t forget about moving fees or home improvements.                          By Michelle Higgins NY Times

FOR SALE 2426 W ROSE LN, Phoenix, AZ 85015 $237,500

FOR SALE 2426 W ROSE LN, Phoenix, AZ 85015 $237,500

 10+! Immaculate,updated w/quality&good taste throughout! Near perfect gem that will win the hearts of picky buyers!Wood+ travertine,no carpet! Eat in kitchen has updated cabs,counters, stainless tile backsplash, upgraded appliances! flows to lvrm/ grtrm, In back of hm is family rm/ flex space,looks to manicured grass back yd, gd sized cov patio,all slab newly cool decked, block fence,pro landscape has auto water system!Remodeled baths are sharp, spacious bedrms, all updated fans, blinds, lighting,& doors, inside laundry room+ lg storage rm.Roof replaced last hail storm. Truly a knock out buyers will feel the solid value exceeds asking price. Nationally awarded schools, Shady park,pool,tennis,soccer, basketball,dog park a block away! A turn key! 

Call Linda Wieczorek 602.391.8246

The advantages of townhouse living

Looking for an affordable property that checks all the boxes? Then you may wish to consider a town home. A more affordable option than a standalone house, town homes are low maintenance and still offer you with plenty of indoor and outdoor space for living. For many buyers, this is the best of both worlds.

Most of us think we know about townhouses: They're glorified apartments. They're houses squished together so hard they share walls. They're ruled by iron-fisted homeowners' associations who will force you to dye your dog to match your window shades.

Here are the top six reasons why more buyers are now opting for townhouses.

#1 An affordable housing option

Price is one of the greatest advantages for town home living. When compared with a house with the same number of bedrooms, townhouses offer incredible value for money. Given that town homes are a more affordable option that suits most lifestyles, many buyers are able to purchase a town home in convenient locations where they may not be able to afford a house. 

#2 Low-maintenance living

Not everyone wants to spend all weekend on maintenance around the home, and this is a big part of the appeal of townhouse living. You can enjoy a home all over the Valley from one to three bedrooms and an outdoor area, without spending your free time tending to a large yard. Town homes require little maintenance but the inclusion of an outdoor courtyard ensures you can still entertain, have a small garden or provide the kids with a secure space to play.

 #3 A place for downsizing

When your children have left home, downsizing makes a lot of sense, but not everyone wants to move into an apartment. Townhomes are an ideal alternative when you are ready for something a bit smaller, as you can still have plenty of living space and spare guest rooms, but with minimal maintenance. This suits a lot of people as they approach retirement and want to spend more time away from home travelling.

                        Owner Occupied Housing Rehabilitation Program. HOME Repair HELP!

Home Repair HELP  The Owner Occupied Housing Rehabilitation Program (OOHRP) provides financial assistance to eligible low to moderate income homeowners citywide for emergency home repairs and/or to address health and/or safety hazards. The program may also address non-emergency home repairs to stabilize critical home systems such as electrical, mechanical, plumbing, and roof systems. The assistance is the form of a zero percent (0%) interest, forgivable loan and is secured by a lien on the primary residential property.