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This chart will tell you the highest priced home you can
purchase using CalHFA financing and $30,000 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 buy to a home priced at just
above $205,000. 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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Time Buyer In San Diego Home Page For Financial
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