Columbia SC
"Can I really afford a home?" and then "How much home can I afford?" are two of the most asked questions I commonly hear.
The answer to both is simple: what is your debt to income ratio? Debt is considered an item that is owed that shows up on your credit report. Student loans, car loans and outstanding balances on credit cards are all debts.
Today's typical mortgage lender will top you out at 31% for housing costs and 43% total.
What if you have little or no credit? Lenders can use alternative types of history to serve as credit. These include rental payments, auto insurance and utility bills.
If you are interested in buying a home but just don't know if you qualify contact me today. I work with some of the best mortgage lenders in Columbia.
Terry Edwards http://www.featuredcolumbiahomes.com/First_20_Time_20_Buyers.html
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