ACCORDING TO the statutes set by the Federal Home Loan Bank Board, your house payment cannot exceed 33 per cent of your gross monthly income. That payment, in addition to all other long-term bills, cannot exceed 38 per cent of your monthly gross. What can you afford to spend on food after that kind of debt is reconciled? Not much.
Here are the lowest reasonable salaries and down payments you’d need to qualify for 30-year mortgages on three homes that were for sale this year. We set interest at 14 1/2 per cent, about the going rate.
A THREE BEDROOM, two bath with two-car garage, living room, den, “garden” kitchen, game room, and covered patio on an average-sized lot in Mesquite. Closing costs would be approximately $1400. Financing is figured by incorporating $225 for car payments and other long-term debts.
-If you’re a veteran grossing $22,500 a year, you can acquire this house with aVeterans Administration (VA) loan, but you have to kiss $736 good-bye every month.
-If you gross $27,600 a year, you can put this house “on hold” with a Federal Housing Administration (FHA)-245 Plan Three graduated payment mortgage. You mustput $6700 down and then pay $620 a month (which doesn’t make a dent in the principal)for the first year. Monthly payments go up progressively after that.
-If you t;ross $28,800 and can put $6300 down, you qualify for a rollover loan withpayments starting at $792 a month. Your interest rate may increase or decrease as muchas .5 percent a year, but it cannot change more than five points over the life of the loan.
A FOUR BEDROOM, two bath with two-car garage, den with woodburning fireplace, screened patio, and terraced backyard on a 60- by 125-foot lot in the Lake Highlands area of East Dallas. Closing costs would be approximately $1800. Financing is figured by incorporating $300 for other long-term debts.
– 1 f you’re a veteran grossing $31,200, your VA mortgage payments would be $906 amonth, if you could put $14,500 down.
-If you gross $40,800 and can put $14,500 down, your FHA-245 graduated payments would begin at $785 a month.
– If you gross $40,000 and are able to put $17,000 down, your 80 per cent rollovermortgage payment would begin at $930 a month. Payments would start at $1051, if youput $8500 down.
A THREE BEDROOM, two and a half bath with two-car garage, wood-paneled den with fireplace, and master bedroom suite. Within Richardson School District on a 70- by 120-foot landscaped lot in North Dallas. Closing costs would be approximately $2300. Financing is figured by incorporating $425 for other long-term debts.
-If you’re a veteran with a gross income of $48,000, your monthly mortgage payment would be $1446, if you were able to put $12,000 down.
-If you gross $63,700 and are able to put $12,000 down, this house can be yours for$1553 a month, subject to the changing interest rates of a rollover loan. Graduated payment plans are not available to people in this income bracket.