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How To Use This Chart |
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This chart will tell you the highest priced home you can
purchase using CalHFA financing and no down payment. To use this
chart, first find the graph line that represent your annual
income. For example, if your annual income is $40,000, you would
be using the bottom income graph line on the chart. This is a
red line with small white triangle markers. Next, add up all of
your monthly debt payments and locate that amount along the
bottom of the graph. When you have located your total monthly
debt payment on the bottom of the graph, go directly up to your
income graph line. From that point on your income graph line,
you can locate your maximum purchase price on the left side of
the graph. For example, a person with $40,000 of income and $100
of monthly debt would be able to buy a home up to approximately
$170,000. Your monthly debts will include minimum credit card payments, car payments, student loan payments, installment loan payments, and child support and alimony payments. It will not include any utility or housing payments or other living expenses. One very important thing to note from the chart is that each $10,000 of additional income increases purchasing power by approximately $60,000. Perhaps an even more important point to note is that each $100 of monthly debt payment reduces purchasing power by about $15,000. A first-time homebuyer who purchases a new car with a $500 monthly payment has just reduced his or her home purchasing power by about $75,000 (5 x $15,000). Look below and see what is your price range on this chart.
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Brought To You By
Mark Harmon, Realtor ®
CalHFA Preferred Loan Officer
USA Realty and Loans
Brokerage Main Office
3994 Carson St.
San Diego, CA 92117