Buy with high debt ratio

Have a high debt ratio – Can You Buy A Home?

You may be surprised to learn how much of a lease to own home you can afford. Generally accepted standards say that your new house payment added to all your other monthly payments, should not exceed about 40% of your gross (that’s before income tax) for you and your spouse, in some cases it can go as high as 50%. Keep in mind, that does not include items like insurance, clothing, food, utilities, entertainment, etc. You should add only those items with fixed payments such as cars, furniture, credit cards, mortgage, student loans, etc.. If an item doesn’t show on your credit report, it probably won’t count against you as a debt.

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Remember, regardless of whatever kept your from buying a home in the past, don’t let it stop you now! You’re talking to the owner direct, not a realtor. We’re free work it out between ourselves without banks dictating the rules.

"Making you an NC homeowner this week."