Lesson 6 Feb 25 2010
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The document discusses how to calculate how much home one can afford based on their monthly income. It lists the major monthly home expenses as mortgage, property taxes, and heating costs. It provides the general rule that total home expenses should not exceed 32% of gross monthly income. An example is given for a couple with $5680 monthly income to calculate their total affordable household expenses and maximum allowable mortgage payment amounts based on expected property taxes and heating costs. Formulas are provided to calculate maximum home price affordability based on down payment and mortgage amounts.
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Gdsr Oct 15
This document discusses how to calculate the maximum amount a household can afford for housing expenses. It provides that total housing costs should not exceed 32% of gross monthly income. It then calculates that for a household with a $5,680 monthly income, total affordable housing expenses are $1,817.60. Given property taxes of $173 and heating costs of $217, it finds the maximum allowable mortgage payment is $1,427.60. Using a 6.5% interest rate over 25 years, it determines the largest mortgage the household can qualify for. It finally calculates the maximum home price the household can afford given a $30,000 down payment.
6 affordable housing feb 26
The most significant monthly homeownership expenses are the mortgage, property taxes, and heating costs. Generally, total housing expenses should not exceed 32% of a household's gross monthly income. For Jeric and Dearly, who have a gross income of $5,680 per month, their total affordable household expenses are $1,817.60. Given they will pay $173 in property taxes and $217 in heating, their maximum allowable mortgage payment is $1,427.60. With a 6.5% interest rate over 25 years, the largest mortgage they can afford is $240,000. Therefore, with a $30,000 down payment, the maximum home price they can afford is $270,000.
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Gdsr Oct 15
This document discusses how to calculate the maximum amount a household can afford for housing expenses. It provides that total housing costs should not exceed 32% of gross monthly income. It then calculates that for a household with a $5,680 monthly income, total affordable housing expenses are $1,817.60. Given property taxes of $173 and heating costs of $217, it finds the maximum allowable mortgage payment is $1,427.60. Using a 6.5% interest rate over 25 years, it determines the largest mortgage the household can qualify for. It finally calculates the maximum home price the household can afford given a $30,000 down payment.
6 affordable housing feb 26
The most significant monthly homeownership expenses are the mortgage, property taxes, and heating costs. Generally, total housing expenses should not exceed 32% of a household's gross monthly income. For Jeric and Dearly, who have a gross income of $5,680 per month, their total affordable household expenses are $1,817.60. Given they will pay $173 in property taxes and $217 in heating, their maximum allowable mortgage payment is $1,427.60. With a 6.5% interest rate over 25 years, the largest mortgage they can afford is $240,000. Therefore, with a $30,000 down payment, the maximum home price they can afford is $270,000.
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This document provides 10 tips for protecting your home, including avoiding probate and estate recovery from the state of Michigan. It recommends using a ladybird deed to avoid probate and name a beneficiary to receive the home upon death without it being subject to Medicaid claims. A ladybird deed achieves Medicaid eligibility by not placing the home in a trust, which would count it as an asset. The document also discusses tax implications of gifting a home, options for single Medicaid recipients to pay home expenses, and how renting a home could impact benefits.
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