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Are you ready to buy? The Next Step!

How much can you afford?

If you’re a first-time homebuyer, it can be difficult to gauge your price range. All those zeroes can be daunting. But many times, people can actually afford more house than they initially believe. To helpyou, we’ve provided this handy tool.

Click here for our Home Affordability Calculator and see how much you can buy.

How much should my down payment be?

The short answer? The more, the better. If you can put down 20% or more, you’ll save on PMI costs. But if you can’t swing that much, don’t let it stop you from applying! Lenders realize that many of us can’t afford the traditional 20% down.

There are many different types of home loans. Some require very little, or even zero, down. One of these may be right for you. But don’t totally drain your bank account. Leave yourself some breathing room. You will likely need some free cash for redecorating, appliances, landscaping or more. Remember, there are closing costs to consider, too.

Click here to find out how much you can afford to borrow!

 

Article provided by E-Loan, Inc.Copyright © 1997-2007 E-Loan, Inc.  All rights reserved.  E-LOAN and the E-LOAN logo are registered trademarks.  The tagline “Radically Simple” is a service mark of E-LOAN, Inc.


Equal Housing Opportunity Logo The Fair Housing Act prohibits certain forms of discrimination including discrimination against households with children under the age of 18. This prohibition does not apply to "housing for older persons". In an effort to assist buyers, NewRetirementCommunities.com identifies those communities that are age qualified. To find the community that best suits your needs, look for the "age qualified" and "all ages" indicators on each listing or community detail page. More

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