Asheville Home Financing
You need to have a realistic Asheville home financing plan. This needs to be figured out before you start looking at houses!
Financing these days, since the real estate and economy slump, is even more a challenge than it used to be. People are losing their homes in serious numbers. You have to be careful and know what you're doing.
You can do a lot in preparation.
I would recommend you talk with an Asheville lender sooner, rather than later. S/he can tell you what you need to know. Establish a relationship with someone you feel comfortable with now, while you're just thinking about it.
Check the Asheville Forums, especially Asheville Mortgage Information. Here you will have an opportunity to meet some Asheville mortgage professionals. They can offer information and answer your questions.
Try this mortgage calculator. Play around with some figures.
Remember that a common rule of thumb is that for a conventional loan, you typically have to have proposed monthly housing expenses that are no more than 28 percent of your monthly gross income.
Monthly housing expenses include your principal, interest, taxes and hazard insurance as well as homeowner association dues, if you have any.
Another good way to figure out how much you may qualify for is to add your proposed monthly housing expenses to your other recurring monthly debts - like car and credit card payments. What percent is that of your monthly gross income? It needs to be less than 36 percent.
FHA, VA and other loan types may vary from conventional loans in how you qualify.
There are a number of organizations in the Asheville area that offer special help.
Don't hesitate to ask for help. Home financing is comfusing and you need to understand what you're doing. OnTrack has great classes for anyone, regardless of financial status, to help you understand what you need to know.
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