Jeff, what programs are allowing 3% down. If that is just Homepath, you need to be clear with people that there are strings attached. FHA is 3.5%. And VA, well, you do have to be a vetran for that one. So, could you please provide some specifics as lending is more than just finding a pulse these days.
Robert Boyer
WJB Home Loan
Investment Property Search
San Diego Real Estate Homes for Sale
I like a better rule of thumb being 25% of your take-home pay on a 15 year mortgage.
Stated Rule of Thumb Example: Annual salary of $100,000 = $250,000
My stated rule of thumb (it's acutally not mine, I stole it)
Annual Salary of $100,000 less estimated taxes of 25.00% equals $75,000 take home pay and 25% of this equals a monthly payment of $1,562 (PITI). Using a 5.00% rate on a 15 year equates out to $197,586 or 2 times the annual salary.
Great information for homebuyers Jeff