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_________________________________________ Are You Ready To Buy? If you rent the home you live in, the right planning could enable you to buy a home. To discover your homebuying potential, calculate your: These factors determine how big a loan you can afford and how buying a home will affect your monthly budget. Use the worksheets below to calculate your finances. Print these pages, and fill in the blanks. When you are done
you will have a total for each of the four categories listed above. Later you can use these numbers with a teacherdough.com
counselor to determine your house affordability.
_________________________________________ Income Review all of your sources of income. You will need money for a down payment and for closing costs. The FHA and VA have mortgage programs that require smaller down payments. Closing costs may sometimes be rolled into the mortgage. Answering these questions may also help you to estimate your financial position. Use the following income categories to estimate your monthly income:
_________________________________________ Assets Add up your assets. Any money saved can help you buy a home. Your assets can be used to pay the down payment and/or closing
costs. You know your own saving habits. Use the following savings categories to estimate your monthly savings.
_________________________________________ Debt Review your current debt obligations. A lender will examine the ratio of your debt to your income when deciding how much
money to lend you. Consider how additional debt from house payments, added to your existing debt, will affect your lifestyle.
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