Sunday, July 8, 2012

To Buy a House in Tryon, North Carolina, You Can Pay Cash or Pre Qualify For A Mortgage

     We have our house for sale in Tryon, North Carolina.  Our Realtor is Kathy Toomey at New View Realty.  Kathy tells us many people pay cash in Tryon, North Carolina.  If you want a cool house on the river in Tryon but you don't want to pay cash, you need to qualify for a mortgage. 

     Qualifying for a mortgage seems like common sense.  Take your income, multiply it by 31%. The answer is the maximum house payment that FHA believes you will be able to make.  If you and your spouse make $10000 per month gross, you can afford a $3100 payment (PITI).  This is called your housing expense ratio. 

     There is another part of the equation.  That is your total obligation ratio.  Take your gross income , multiply it by 43%.  That is the maximum that ALL your debts can be.  Take that number and subtract your car payment, truck payment, motorcycle payment, boat payment, Visa payment, Mastercard payment, Sears payment, Home Depot payment and any other payment that you have to make.  That number is the maximum house payment for which you can be approved. 

    If you would like this done more precisely, contact Kent Wolff at or simply call Kathy at 828 817 0942

     You can see pictures of our house at

     If you need a real estate class in Florida contact  us at

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