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Even if you double that for a two-income household, it doesnt approach whats needed to buy a home.
Granted, housing costs in California are higher than in many other states.
But, buyers all over the country face similar challenges in finding affordable housing.
DTI is a basic calculation that considers what percentage of your gross monthly income goes toward paying debts.
Generally, you want to take a stab at keep your DTI under 36…
Your DTI doesnt paint the whole picture of your financial situation.
are also factors you’re gonna wanna keep in mind.
This will help get you financially and mentally prepared for the investment.
To make it easier, you’re able to even automate your savings.
But dont let emotions get in the way of your choice, experts warn.
Likewise, dont get swept up into a bidding war just because the market is tight.
Paying more than the home is worth can cause ripple effects for potentially decades.
Knowing the full extent of fees plus the core home purchase price is key, Reiner said.
Its your buffer for managing the cost of unforeseen situations.
Also check with various mortgage lenders to see what programs are available for your circumstances.
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