Primary considerations for setting your housing budget require an assessment of your income, debt and current savings for the down payment on the home. The following are generally recommended guidelines; however, you should meet with an Arthur State Bank lender to get personalized mortgage information.
- Your monthly home-related expenses should not be more than 28% of your gross monthly income.
- Your total monthly debts, including home expenses, should not be more than 36% of your gross monthly income.
Having trouble getting started? Check out Smart About Money’s course on planning your housing budget.