The 28/36 rule is a general benchmark that you can use to determine how much of a house payment you are likely to get approved for.
Of course, it is always best to consult with a licensed Mortgage Lender before you begin house hunting. Our Preferred Lenders will…
- know the current ratios allowed, which can vary depending on the type of loan.
- find which loan program fits your personal goals best.
- offer expert advice helping you reach your goals faster
It is important to note that the estimate mortgage payments you see calculated online, when searching for homes, ONLY includes PRINCIPLE + INTEREST. You’ll need to consider that adding property taxes and insurance can more than double this amount. Consult with your Waco Home Team agent for clarification.
Now, to explain the 28/36 rule!
Again, please feel free to call or text us with questions at 254-855-9500! We have time for you!