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Edina Realty
Phone: 612-940-7277
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Prior Lake, MN Real Estate.  Shakopee, MN REal Estate.  Savage, MN Real Estate.  New Prague, MN REal Estate.  Burnsville, MN REal Estate.

Help me reach my goal for the Susan G. Komen Twin Cities 3-Day for the Cure!

Jeff and Shannon Hansen Licensed in MN.

How Much Can You Borrow?

How much you can borrow will depend on your income, down payment, job stability, existing debts, credit references and payment history. Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage:

  • Your monthly housing expenses - mortgage payment, property taxes, insurance, etc. These expenses should be no more than 28 percent of your monthly gross income.
  • Your monthly living expenses and any long-term debts - utilities, car and school loan, child support, health and car insurance, etc. These expenses should be no more than 36 percent of your monthly gross income.

 

Let us help you with our knowledge of the southern Twin Cities area!

Prior Lake MN Real Estate, Shakopee MN Real Estate, Savage MN Real Estate