Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
 
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

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How much do I have to make to afford a home 

There really is no set income level you need to achieve in order to buy your first home. The lending companies have set guidelines so no matter what your income level you are not going to be in financial trouble.

How much you have to make to be able to afford a home is completely dependent upon how much, or how expensive of a home you want to buy. If you want to buy a $400,000 home, then you will need to make a lot more money than if you wanted to buy a $100,000 home. Therefore, how much you have to make to afford a home is very subjective and can only truly be answered by calculating your income, debt ratios and proposed housing payments.

If you are trying to purchase a home that your income does not qualify for it is illegal to use a stated income program and inflate your income to qualifying levels. This is considered loan fraud and is punishable under federal laws. If your mortgage broker suggests you use a stated loan to bump up income levels in order to qualify you should find another mortgage broker.

If you have difficulty verifying your income, there are stated income loans that could be available to you.

There are many factors that are considered when trying to figure out if you make enough money to afford a home. Most people make enough money to afford a home, but the question becomes do you make enough to afford the home you want. If you can only afford $1000 a month for a mortgage it is not likely that you will be able to buy a $500,000 house with out a large down payment.

A general rule, is you should not make less than twice what your total monthly expenditures will be with your new mortgage (Including monthly taxes and hazard insurance).

Qualifying for a mortgage loan can be a relatively simple process. How much you can afford, or qualify for on paper, can be determined by your mortgage professional. However, you should figure out how much you or you and your family feel comfortable paying towards a monthly mortgage payment each month. Just because you can qualify for a 300k home does not mean you need to buy a 300k home. Remember there may be repairs that might need to be done to the home, you will probably still want to do family vacations, saving for retirement, activities for the children, and many other things that will come up or you need to think about when deciding on how much of a payment you want to make each month. You don't want to fall into the trap of "letting your home own you instead of you owning your home".


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