{"id":112,"date":"2018-01-05T08:31:29","date_gmt":"2018-01-05T16:31:29","guid":{"rendered":"https:\/\/www.santiagofinancial.com\/blog\/?p=112"},"modified":"2020-10-20T00:24:08","modified_gmt":"2020-10-20T07:24:08","slug":"what-can-i-afford","status":"publish","type":"post","link":"https:\/\/www.santiagofinancial.com\/what-can-i-afford\/","title":{"rendered":"What Can I Afford?"},"content":{"rendered":"
You’re interested in buying a manufactured home but as a buyer, you want to know exactly what you qualify for<\/em>.<\/p>\n If the home was built on or before June 13, 1976, you will need 20% down and the loan term will be 15 years. If the home was built after 1976, minimum down payments start at 5 to 10 percent down with a loan term between 20 and 23 years. This example will help you calculate your down payment, loan amount, and estimated monthly payments.<\/p>\n As an example, you find a home for $80,000 and it was built in 2002.<\/p>\n Sales Price: $80,000<\/strong> $80,000 x 10% = $8,000<\/strong> as the down payment amount<\/p>\n Now subtract the down payment from your initial sales price and that will equal the total loan amount you’ll apply for with Santiago Financial.<\/p>\n $80,000 – $8,000 = $72,000<\/strong> as the total loan amount<\/p>\n To calculate your estimated monthly payment, multiply the Total Loan Amount by 1%. In this case, it’s $720 a month. This is a rough estimate and that includes taxes and insurance.<\/p>\n $72,000 x 0.01 = $720<\/strong><\/p>\n Let\u2019s say your space rent is $800. Add your monthly space rent, your estimated monthly payment, and your total housing which would come out to about $1,520 per month.<\/p>\n $800 + $720 = $1,520 <\/strong>in\u00a0Total Monthly Housing Costs<\/p>\n You need to make at least 2.5 to 3 times the housing expense to qualify.<\/p>\n $1,520 \u00f7 35% = $4,342.86<\/strong> as the Approximate Gross Income Needed<\/p>\n To calculate your total debt ratio, add your monthly payments for any car loans, credit card payments, other debts etc. Let\u2019s say they total $400 for this scenario. So now we have your estimated income range needed to qualify for this example.<\/p>\n Estimated income range $4,342.86 – $4,266.67<\/strong><\/p>\n Important Tips if your income is not within the estimated income range:<\/strong> The next step is to call Santiago Financial to complete your credit application and begin your approval process.<\/p>\n","protected":false},"excerpt":{"rendered":" You’re interested in buying a manufactured home but as a buyer, you want to know exactly what you qualify for. How much down do I need? If the home was built on or before June 13, 1976, you will need 20% down and the loan term will be 15 years. If the home was built […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[31,32],"tags":[45,59,60,62,72,73,74,84,97,107],"yoast_head":"\nHow much down do I need?<\/h3>\n
\nDown Payment %: 10%<\/strong>
\nNow we will calculate the down payment: take the sales price and multiply that by the down payment percentage in this sample that’s $8,000 down.<\/p>\n
\n($1,520 + $400) \u00f7 45% = $4,266.67<\/strong> as the Approximate Gross Income Needed<\/p>\n
\n\u25cf Make sure you used gross income, not net income
\n\u25cf Look into paying off outgoing obligations
\n\u25cf Find a park with a lower space rent
\n\u25cf Increase down payment amount
\n\u25cf Add a co-applicant if they are to live in the home with you<\/p>\n