Corrected:
Quote:
Originally Posted by AWDTurboLuvr
They make a rule for the housing costs to not be greater than 39% of the household income. It's based on 5% downpayment with fixed interest rate of 2.64%, 25-year amortization. Accounts for property taxes, interest on the loan, and heating. Also includes the mandatory mortgage default insurance.
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From my Credit Union, and this is for a non-conventional mortgage that is less than 20% down payment. Maybe why we can borrow more than the banks? Go Credit Unions!
