Question for the Money Doctors
Question submitted on Jan 14, 2011.
QuestionWhat should one''s gross income be to afford a monthly mortgage of $1,892 which includes principal, interest, and taxes.
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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