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Your lender decides what you can borrow but you decide what you can afford.
Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. (In Canada lenders apply similar formulas to determine how much a buyer can afford. The Gross Debt Service ratio, or GDS, is not to exceed 32 percent of the buyer’s gross monthly income, and the Total Debt Service ratio, or TDS, is not to exceed 40 percent of the buyer’s total debt load.) As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.
7320 BARCLAY CT
UNIVERSITY PARK, FL 34201
4 beds/6 baths
6827 COYOTE RIDGE CT
UNIVERSITY PARK, FL 34201
3 beds/2 baths
6606 63RD TER E
BRADENTON, FL 34203
4 beds/2 baths
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This is an exceptional home. Located in Mote Ranch- Copper Ridge Estates it’s like living in a new home. This beautiful home has a double door entry, offers 3 bedrooms & Den, 2 full bath, a large kitchen and combo Great Room/Dining Room. A large sunny screened lanai looks out on a quiet water view. This home is a little larger and more spacious than the other homes in the area. The home has new carpeting in all the bedrooms and den and all the interior walls have been repainted. The home has continually been updated with a new refrigerator-2015, a new washing machine-2015, new hot water heater 2014, new A/C -2013 and a new cooking range in 2012. Come view this Spectacular three bedroom two bath home in desirable Mote Ranch! You won't be disappointed with this beautifully maintained home inside and out. There is nothing to do except move in and enjoy! Mote Ranch has a community center with Olympic size pool, playground, walking trails, Kayak launch and fishing pier are included in the low HOA fee if $148/quarter and no CDD fees. Two golf communities border Mote Ranch with many types of memberships.