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.
At Arthur State Bank, our mortgage loan officers are available to guide you every step of the way with mortgage information personalized for your situation.
Establishing a budget is the second step in the First Time Home Buyer’s Road Map. Be sure to review the entire road map.