I actually never heard of the 28/36 rule. I learned something new. Thanks.
I was lucky enough to have bought my first home pretty young, but I wish I would have held onto it while buying my follow on property.
I actually never heard of the 28/36 rule. I learned something new. Thanks.
I was lucky enough to have bought my first home pretty young, but I wish I would have held onto it while buying my follow on property.
The rule was generated in the 80s. I am sure you likely knew about it but perhaps not the name.
Actually I don't think I did. I could do the math though and determine what I could actually afford. The rule was probably applied to me though. When I first got preapproved, it was too low to buy any house in my area. I had to get a 3rd job for like a year to increase my income level enough to be able to get pre-approved for high enough to actually buy a house.