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How Much House Can I Afford? | Buying A Maine Home.

How Much House Can I Afford? | Buying A Maine Home.

The old rule of thumb for how much house can I afford?

What is the limit to what I can buy for a house based on income, debt that I carry? What can you can me about Maine home loans?

How much house can I buy, qualify for any way Mr Maine real estate broker?

Riddle me the answer to that will you?

Like most things in life, it depends on a few factors in the real estate shake and bake.

Everything gets more complicated right? As the wander away from the days of save up 25% of the purchase price for a down payment and finance the Maine home locally.

We still have lots of local loans made but more and more buyers are a little short on extra cash stashed. To have the horsepower to buy a Maine home. So pulling the house buying trigger means for many to turn to the secondary mortgage market.

Those low and no down payment loans to buy a Maine home are delicate, precise.

Pretty cut and dry about what is needed. For the property buyer’s profile today financially, employment wise. And the strict standards of the home for sale in Maine itself.

What is the formula for buying a Maine home? For years the simple cut to the chase method was a house payment should not be more than one week’s paycheck.

To leave room for repairs, heating, and other areas of a person’s life. To buy groceries, have money for a car’s operating costs from registration to gas to part replacement.

The other handed down simple rule of thumb for buying a Maine home, how much can I afford is two and a half times the annual income of the house buyer.

Again, being able to sleep nights whenever debt is involved is a personal matter. maine home room photo

Plus the Maine bank loan program has its own specific number ratios to comply with and each one is a tad different.

Always a good idea to get pre-approved for a Maine home.

To have that paperwork in hand when the right home comes along. And to impress upon the seller, owner of the home house for sale that you the buyer are good to go.

Already up to speed to buy a Maine home and move forward easily. Works best in getting the keys to the new house of your dreams. Or the one you can afford to leave the rent rut. Say goodbye to the cash in the trash. To remove the down the drain paint.

To remove doubt in the can you or not as the buyer, to use in assuring the seller of the Maine home too.

First things first to avoid cart before the horse situations. Knowing how much Maine house you can really afford is key in venturing out to find the one to buy and actually get to the real estate closing on time or at all.

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573 | [email protected] |

MOOERS REALTY 69 North Street Houlton Maine 04730

 

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Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for close to forty years. Lots of changes in the real estate industry over that many decades and daily we re-invent our job. I grew up on a Maine farm that I bought from by three older brothers. My youngest son continues in the tradition on that same Maine farm. Here to help with property searches for homes, farms, land, waterfront, multi housing rentals, small mom and pop business listings.

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