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How Much Do I Qualify For?

If you would like more information about finding out how much you can qualify for or have any questions please don't hesitate to Contact Us. If you are thinking of buying your home visit our Buyers Page or if you are wanting to sell your home visit our Sellers Page.

How Much Do You Qualify ForWhen buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.

When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest. Please Contact Us if you have any questions on how much you should qualify for or if you would like more information on anything.

For more information about finding out how much you can qualify for please visit our Buyers Page, for helpful information on selling your home please visit our Sellers Page. If you have any questions about anything or would like more information on anything Contact Us. If you would like to know more information about the areas that we specialize in please visit our About Virginia page, About Falls Church page, About Fairfax County page, About Springfield page, About Arlington page, or our About Alexandria page.