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Your Real Estate Questions —Answered!

Dana Ash-McGinty
hello, black real estate company, black realtors, black real estate agents

I am happy to answer any real estate questions you have!

Below are some of the most asked real estate questions. Don’t see your question answered? No problem- simply complete the form below.

How much house can I afford?

How much house can I afford?

Yikes! I get this question often.

A commonly used credit rule utilized primarily by mortgage lenders and brokers to determine how much credit or mortgage a consumer can qualify for is the 28/36% rule.

For standard mortgage programs, most lenders qualify buyers whose total housing expenses this includes:
(principle, interest, taxes and insurance) equal 28 percent of their gross income. You take your gross monthly income, multiply the amount by 28%, and the resulting figure is the maximum amount one can afford for a monthly real estate payment. The 36% refers to the maximum amount of debt versus gross income traditional lenders find acceptable. For those with very good credit, they will go as high as 38%. 

Car payments, installment loan payments with more than 10 remaining payments, average monthly credit card payments, student loans, medical/health care payments, and alimony or child support payments fall into this category.

For example- If your monthly income is $4,000, the highest monthly mortgage payment you would qualify for would be $1,120. Using the same monthly gross income, the total additional monthly debt allowable would be $320, or a combined $1,440. 

What is a good credit score?

credit karma…..  Merrick Bank….. Credit One …. What is credit one bank? … Transunion dispute

What is APR?

APR is …….apr definition…..

What does contingent mean?

What is gross income?

gross income …..  adjusted gross income ….  net income …..

What are closing costs?

How many square feet in an acre?

What are assets?

What are liabilities?

Who pays closing costs?

What mortgage can I afford?

What is a good credit score to buy a house?

Should I buy a house?

What does pending mean in real estate?

Difference between Transunion and Equifax?

What does HOA fees cover?

What is a 1031 Exchange?

>>>> more info on the 1031 Exchange

Ask a Real Estate Expert

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