Abogados de Inmigracion

Lenders prefer that you make all monthly housing payments with 28%-38% of your monthly income.

The percentage depends on the amount of your down payment, the interest rate on the type of mortgage you want, your credit history, the level of your long-term debts and other factors.

Generally, the greater your other debts, the lower the percentage of your income lenders will assume you have available to spend each month on housing. Conversely, if you have no long-term debts and a great credit history and will make a larger than normal down payment, a lender may approve carrying costs that exceed 38% of your monthly income.