I have heard the terms “housing ratio” and “debt-to-income” ratio. What do they mean?
These ratios are indicators that determine the amount of debt that you can comfortably take on. The housing ratio is the comparison of your monthly income to your monthly housing expense. The debt-to-income ratio looks at your total monthly income copared to your total monthly expenses. As a rule, your monthly housing expense should be no more than 30% of your monthly income.

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1. What are the current income limits?
2. What is the definition of a First-Time Homebuyer?
3. What is the current allowed Maximum Purchase Price for the Shasta Lake Homebuyer Program?
4. Must the home purchased be located in the City Limits of Shasta Lake?
5. How much can I borrow?
6. Do I have to contribute funds towards the transaction?
7. What are the terms of the loan and interest rate?
8. Is owner occupancy required?
9. What happens if I need to sell my home during the term of the loan?
10. What are affordability covenants and how do they affect my home purchase?
11. I have heard the terms “housing ratio” and “debt-to-income” ratio. What do they mean?
12. If I participated in a short sale for my previous owned home, do I still qualify?