Mortgage lenders typically use three tests: 1) The monthly house payment including property taxes and insurance should not exceed 26% of gross monthly income; 2) All monthly debt payments plus the house payment should be less than 38% of gross monthly income; 3) The home buyer should have two to three months´ worth of payments in an emergency fund.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Ask a Question

Not finding the advice and tips you need on this Single Parent Tip Site? Request a Tip Now!

Guru Spotlight

Jolyn Wells-Moran

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!