Julie Nesbitt
Two ratios are calculated by mortgage lenders to determine a buyer's maximum loan amount:1) the front ratio and, 2) the back ratio.
Front Ratio: The total mortgage payment including principal, interest, taxes and insurance (PITI) as well as any condominium or homeowner association fees divided by your total GROSS income. Traditionally, this ratio must be below 30% Example: With a gross income of $5000 per month, a total mortgage payment (PITI) of $1350, the front ratio would be 27%.
Back Ratio: The total mortgage payment PLUS any car payments, credit card and any other loan payments including student loans divided by your total GROSS income. Traditionally this must be below 40%. Example: With a gross income of $5000 per month, a total mortgage payment of $1350, a car payment of $325, 1 credit card payment of $60 and 1 student loan payment of $150 for a total of $1885 with a back ratio of 38%.
For more information or to set up an appointment call Julie at (703)765-0300.
If you need help calculating your ratios, please contact Julie Nesbitt at 703 765 0300.
One of the biggest questions every condo buyer and home buyer has to ask is, "How much work am I willing to take on?"
Some folks want a turnkey residence. Some folks want a residence in {Location_Name} that has brand new modern appliances and cabinets. Some people want appliances and cabinets that have never been used.
Some people don't mind an older kitchen. Some people like the feel of a kitchen that was put in long ago.
Others like an older kitchen because they like the idea of ripping out the old and putting in the new. It can be very gratify---not to mention financially rewarding---to completely remake a residence. As a homeowner, or condo owner, you are the ultimate authority. It is your domain to decide what will stay and what must go. This can be a lot of fun.
But, remodeling can be a lot of work. Living through the dust and the inconvenience can be a hassle. If you don't know where to turn to, it can also be very expensive. But no matter how you personally resolve the issue, it's important to consider before you actually start shopping. Contact Nesbitt Realty to learn more about your choices in {Location_Name}.
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Julie Nesbitt is an ABR who has served buyers in some of Alexandria’s most exclusive neighborhoods. She is a top producing agent who has listed and sold property in Northern Virginia. In addition to helping folks buy, sell and rent property in Northern Virginia, Julie is the primary administrator of the property management services performed by Nesbitt Realty and Condo Alexandria. Call Julie at (703)765-0300.
