Home inspections by a Certified Home Inspector who provides New Jersey home inspections and home inspector education & New Jersey home inspection training to others.

MORTGAGE PAYMENTS PLUS OTHER INSTALLMENTS AS A PERCENTAGE OF YOUR INCOME:

The rule of thumb is as follows: Your mortgage payment which includes the principal, interest, real estate taxes and insurance payments can not exceed 28% of your gross income (income before taxes are taken out). These payments plus your other outstanding monthly installments can not exceed 36% of your gross income.

Even though this is the rule of thumb, many lenders are flexible as to the exact percentages that they will allow.

This field allows you to adjust the percentage of the combination of your mortage and other outstanding monthly installment payments to your income to see the results of different "what-if" scenarios.

Note: Even though the software allows you to adjust these values, your lending institution will set the amounts based on their own guidelines.

If you do not have a lender, a good resource is your REAL ESTATE AGENT. He or she will be able to recommend a lender that may be willing to work with you.

Accurate Inspections, Inc.
Michael Del Greco, President
New Jersey Home Inspector License # GI0121
American Society of Home Inspectors Member #102273

(973) 812-5100 - Your call will always be answered by a trained professional

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This file was last updated on Saturday, 29-Dec-2007 18:28:14 EST * Copyright © 2008 All rights reserved by: Accurate Inspections, Inc. A New Jersey home inspection firm providing New Jersey Certified Home Inspections in NJ, by New Jersey Licensed home inspectors. Inspector of record Michael Del Greco, New Jersey Home Inspector License GI 0121.