Question for the Money Doctors

Question submitted on Jan 14, 2011.

Question

What should one''s gross income be to afford a monthly mortgage of $1,892 which includes principal, interest, and taxes.
Thanks,

Answer

To be safe, I would suggest that the total PITI be no more than 25% of your gross take home pay.  The rules have changed a bit and many mortgage companies have reduced the ratio of what your gross take home pay can be relative to the new PITI, so that should also give you some guidence.

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