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As a "rule of thumb" you can afford to buy a home equal in price to twice your gross annual income. More precisely, the price you can afford to pay for a home will depend on six factors:
1.-Your Income
2.-The amount of cash you have available for the down payment, closing cost and cash reserves required by the lender
3.-Your outstanding debts
4.-Your credit history
5.-The type of mortage you select
6.-Current interest rates
Casa
Buying your first home is a big investment – one that can affect your lifestyle and your credit. The more information gathering you do before making your decision, the greater your satisfaction is likely to be before, during and after your move. To get you started, here are ten things to know before buying your first home.
Ready to get started? Find out more about your financing options, the home-buying process and what you can afford by contacting one of our experienced loan consultants at (702)-591-7725.