Re: where do I start? - First Home Purchase...
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I don't know how much a downpayment I need, or what my salary has to be - I heard plan 3 times your yearly salary for homebuying - that would be an ok home - 4 times I can get something pretty cool -
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A reasonable rule of thumb is to spend no more than a 1/3 of your monthly gross income on housing (i.e. principle & interest for mortgage, property insurance, & property taxes). Although lenders may be willing to loan you so much money that you are spending 40%-50% of your monthly gross on housing, I prefer to be able to sleep at night. [img]/images/graemlins/smirk.gif[/img]
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