“How much home can I afford?” is the big question homebuyers should ask themselves at the very beginning of the home buying process. As we often warn potential homeowners, buying a home and staying in that home are two very different things. Sometimes people will borrow as much as they can or as much as they want instead of what they can afford. The result can be moving into a home that is a constant struggle to make the monthly payments on. People may eventually have to sell the home, or may lose the home within just a year or two of buying it. The Consumer Financial Protection Bureau (CFPB) recommends spending no more than 28% of your gross income on a monthly mortgage payment.
For more information on home ownership, contact CCOA for a free home buying counseling appointment (in person, by phone or online) at 800-889-4916 or fill out our appointment form at www.CCOAcares.com. Visit https://ccoa.everfi-next.net/student/dashboard/achieve/owning-a-home for our free online education on home buying.
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