To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a “front” ratio and a “back” ratio and they are generally written in the following format: 33/38.

The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.

A common guideline for debt-to-income ratios is 33/38. A borrower’s housing costs consume thirty-three percent of their monthly income. Add their monthly consumer debt to the housing costs, and it should take no more than thirty-eight percent of their monthly income to meet those obligations.

The guidelines are just guidelines and they are flexible. If you make a small down payment, the guidelines are more rigid. If you have marginal credit, the guidelines are more rigid. If you make a larger down payment or have sterling credit, the guidelines are less rigid. The guidelines also vary according to loan program. FHA guidelines state that a 29/41 qualifying ratio is acceptable. VA guidelines do not have a front ratio at all, but the guideline for the back ratio is 41.

Example: If you make $5000 a month, with 33/38 qualifying ratio guidelines, your maximum monthly housing cost should be around $1650. Including your consumer debt, your monthly housing and credit expenditures should be around $1900 as a maximum.

Selling a house on a busy street requires a determined effort from the home seller and the Realtor to emphasize the many positive aspects of the home. Well-maintained handsom yard with loads of curb appeal to draw in the buyers? Check. Large over-sized lot with possible zoning options for a professional home office? Double Check. According to many professional Realtors with successful experience marketing and selling homes on high traffic streets, these are just a few ways to attract interested home buyers to those busy streets with the double yellow lines down the middle, and reach your goal of a successful home sale.

There are many advantages to owning a home on a busy street. There are more people consistantly coming by and more potential buyers are seeing your home daily, so it is very important that your Realtor understands the challanges that come with the busy street. It is important that your Realtor use a clean and new sign if possible, one that is larger and more prominent would be best. On these busy streets it is important to give the people who might be interested something they can easily remember to get more information. Usually a web address which is easily remembered where they can go to get more information about the home works well.

In today’s market conditions, home sellers on busy street or non-busy streets need to make sure their home is value-priced. If you own a home on a highly-traveled street, value pricing your home is even more important. Remember when you were looking at homes, making the decision about which home to make a offer on? You probably found that the home you purchased, your house on a busy street, was larger or nicer than other homes you could purchase at the same price. You got a discount over homes on non-busy streets then, and now you must give a discount as well. Actually you are not giving up any real home value by doing this, since you never had the home value to begin with. Ask your Realtor to make some comparisons of similar sold homes, some on busy streets some not if you do not believe this. If a home is well-maintained and priced properly, it likely will sell in a reasonable amount of time for very close to asking price.

Trying to save money in this process is admirable but ofter fool hardy. Many times home owners will wish to hold off on freshening up their home (new paint, cleaned up land scaping with fresh flowers and mulch) claiming that they buyers may not like their choices. If you don’t do these things you can be assured the buyers will not like your choice and likely will like your home less than they should. Many times home owners will hire a discount real estate agent or try to sell their home For Sale By Owner. Without going on a tangent, be advised that you get what you pay for. Often times the services of a good professional Realtor will more than pay for any additional commission you pay him or her. You’re better off saving yourself the headaches later on by interviewing 2 or 3 good Realtors with strong internet presences before you hire one.

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COMES WITH FULL AMENITIES. GOOD FOR FAMILIES. ONE-CAR GARAGE. EXCELLENT COMMUNITY. PETS WELCOME. SPLIT LEVEL TOWN HOME. COMMUNITY EXCLUSIVE SWIMMING POOL AND PARK AREA. GREAT DEAL.

Property Details

Property Location

• Map
• Schools
• Market Stats
• Financing
• Nearby Businesses
• Walkability

Location Map

Schools
Grocery Stores
Restaurants
Banks
Gas Stations
Golf Courses
Hospitals

- Main Marker