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Personal Finance and Investing

IbogaProject

(3,785 posts)

8. Divide your total annual income by 40 and that is your max monthly payment

Reply to XanaDUer2 (Reply #7)

Fri Oct 18, 2024, 12:49 PM

Oct 18

Look up the house's property tax and then the remainder is what monthly payment you will be allowed, then use a mortgage calculator and see if you can swing it. You might need to work part time to get the ratio right. You're allowed around $1,000 a month before you run into issues with SSD but you will have to report the income to them.

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Question about mortgage [View all] XanaDUer2 Oct 18 OP

Yes frogstar0 Oct 18 #1

Thank you XanaDUer2 Oct 18 #2

He is biased IbogaProject Oct 18 #6

Try Penfed.org bucolic_frolic Oct 19 #17

If your credit rating is good and you qualify financially is all that matters JT45242 Oct 18 #3

My in laws were in their 80s when they got a 30 year mortgage in Florida. OLDMDDEM Oct 18 #4

They can't deny you for just age IbogaProject Oct 18 #5

I'm on ssdi XanaDUer2 Oct 18 #7

Divide your total annual income by 40 and that is your max monthly payment IbogaProject Oct 18 #8

You're very kind XanaDUer2 Oct 18 #9

yes, mainly because mortgages have excellent recoveries, outside of great recession - type situations. unblock Oct 18 #10

Wow, thank you! XanaDUer2 Oct 18 #11

Yep, there's really not much risk newdayneeded Nov 8 #18

You might even consider the FHA loan route (great for first time home buyer). waterwatcher123 Oct 18 #12

Yes DetroitLegalBeagle Oct 18 #13

I just got a 30 year mortgage on a condo.. Im 75. Joinfortmill Oct 18 #14

I bought my first home at 62 A HERETIC I AM Oct 18 #15

Check with your local city/county/state government for Phoenix61 Oct 18 #16

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