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As a general rule of thumb, you can qualify up to 40% of your gross income as your housing expense. Housing expense is defined as your expected monthly mortgage payment, plus your monthly allotment of property taxes and homeowners' insurance. For example, if your monthly income is $10,000/mo, then you should be able to devote up to $4000/mo towards your housing expense.
- always consult one of our loan officers because there will be other programs for you even if you don't meet these criterias.
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