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re: Income to house cost ratio: Assuming pretax income, what is the marginal ratio?
Posted on 6/3/15 at 9:12 pm to kjacksonp
Posted on 6/3/15 at 9:12 pm to kjacksonp
Assuming a conventional, conforming mortgage, the typical high ratio would be roughly 28% of gross being allowed for PITI (and PMI) and 35% for total monthly debt payments. For a jumbo loan, atypical situation or an in-house/non-conforming loan, your mileage may vary.
1
Posted on 6/3/15 at 9:16 pm to Jag_Warrior
I'm at 14% on my rent and I feel like that is as high as I would want to go.
28% would put me in one of the nicest apartments in the city and I would feel dirt poor.
28% would put me in one of the nicest apartments in the city and I would feel dirt poor.
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