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logo
  • Home
  • Apply Now
  • Client Portal
  • Today's Rates
  • Loan Officers
  • Blog
  • Resources
  • Loan Programs
  • Loan Process
  • Mortgage Basics
  • Mortgage Calculators
  • FAQ
  • Testimonials
  • Give Us A Review
  • Careers
  • About Us
  • Contact
  • Company Store
  • (425) 576-5462

How big of a FHA Loan Can I afford?

Your monthly costs should not exceed 29% of your gross monthly income for a FHA Loan. Total housing costs often lumped together are referred to as PITI.

P = Principal

I = Interest

T = Taxes

I = Insurance

Examples:

Monthly Income x .29 = Maximum PITI
$3,000 x .29 = $870 Maximum PITI

Your total monthly costs, or debt to income (DTI) adding PITI and long-term debt like car loans or credit cards, should not exceed 41% of your gross monthly income.

Monthly Income x .41 = Maximum Total Monthly Costs
$3,000 x .41 = $1230
$1,230 total - $870 PITI = $360 Allowed for Monthly Long Term Debt

FHA Loan ratios are more lenient than a typical conventional loan.

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About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 854647
www.nmlsconsumeraccess.org

Contact Us

4055 Lake Washington Blvd, Ste 100
Kirkland, WA 98033
Phone: (425) 576-5462
hansw@wfmtg.com

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