Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment. You may also be able to take advantage of special loan programs.
For most homeowners, a monthly mortgage payment consists of three parts:
This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
The amount of cash that is necessary depends on a number of items. Generally speaking, you will need to supply: