Buying a home ... to live or as an investment

The fact that hundreds of thousands of mortgages are in a difficult situation in the nation , and many other persons in a process that may lose their homes , or have already lost , does not mean you do not have opportunities to bring to reality your dream of owning your first home. Or that you can not spend money to buy a house to get money renting it .

All you know is doing things that you find out if the economic conditions to carry them out , and you will find good opportunities to purchase and mortgage. If it is the first property you 're buying , take his lead to banks - this precalificándote you get yourself to that loan you want .

The magic number in this strategy is 31 . I say this because your mortgage payment that you think home - purchase - including insurance and taxes should not exceed more than 31 % of your monthly gross entry . Use a simple calculator to do the math . For example, if you earn $ 2000 a month, your monthly payment should not exceed $ 620, which is 31 % of $ 2000 . This is what is known as DTI , the Debt to Income Ratio English , meaning the ratio between what you earn and what you owe on your mortgage .

One important thing to do in your efforts to buy a home is llegarte Agency of the Department of Urban Development HUD or more near - or visit to find out where http://espanol.hud.gov- offer classes in home purchases . They not only going to be able to have access to good government programs , but you can also view properties that have been repossessed by the agency and could offer you a good price. In many cases it is not necessary that the property you 're shopping , as a home or investment property is your first .

If you think you do not qualify to buy a home because your income is too low, the HUD you can also offer alternatives , as there are government programs to help you pay your mortgage or your rent if you have a very limited income.
To stabilize the economy , the housing system has to stabilize first, and while many try to do so by modifying their mortgage loans or refinancing your debts, you can help yourself and you help our economy by taking advantage of low prices and interests we have at this time , and that could soon change .