There are few things more exciting than finding your ideal home, but with the rising cost of housing, a person’s dream home can often come with a very high purchase price. If you’re wondering how much home you can truly afford and how your cost of living will fare for your mortgage approval, here are some of the details on what you can expect when it comes to finding a home at an affordable price.
What Is Your Debt-to-Income Ratio?
Before deciding if a home is right for you, it’s important to calculate what your debt-to-income (DTI) ratio is to determine how much house you can afford. The debt amount will include any credit cards, existing mortgages and other loan payments that you pay down each month. To determine your maximum monthly payment, multiply your gross income by 0.36 and divide it by 12. This will give you the expenditure of debt, including your housing payment, that you should not exceed each month.
Determining Your Down Payment
There’s a lot of talk around the ideal amount you should put forward for a down payment, but this percentage can directly impact the amount of the house you can afford. If you are able to put down 20% of the purchase price of your home, this means your monthly mortgage payments will be minimized and this will decrease your DTI ratio. While a home may be out of your reach if you can only put 10 or 15% down, 20% down will ensure a higher amount of disposable income on a monthly basis, making your application more feasible.
Determine Your Lifestyle
While a lender may not reject your application outright if your debt-to-income ratio is higher than suggested, it’s important to know what kind of spending choices make sense for you so that you can make your monthly payments. If you have limited expenses above your mortgage and enjoy a Spartan lifestyle, it’s entirely possible that you’ll be able to manage a higher monthly amount. However, if you don’t have stable employment and are struggling each month, it may be a good idea to consider a less expensive property.
The monthly mortgage payment for your dream home may look like it’s manageable on the surface, but if your DTI ratio exceeds what is suggested, there may be issues with acceptance of your application. If you’re currently in the market for a new home, give me a call for more information – J.P. Cook – 602-320-4253.
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1020 E Caroline Lane
Tempe, AZ 85284
$2,700,000
6
Beds
7
Baths
10,613
SqFt
Status
Active
MLS #
6707527
Property Type
Single Family Residence
Price Type
--
Elegant, high craftsmanship estate home with over 10k s/f, 6 bed +office, 6 bath, 3 car garage, new carpet on a 1.382 acre irrigated cul-de-sac lot. Air conditioned Carriage House with 6+ car garage, workshop, gun/storage room, half bath, & large hayloft next to horse pasture. Main home features a gourmet kitchen with 2 dishwashers, double ovens, & newer appliances. Gorgeous custom wood paneling in the office & throughout. Extensive storage incl laundry room with 2 washers & dryers, mud room & very large pantry in the huge basement. Two bright secret rooms add to the charm! Diving pool with newer commercial grade filtration system & poolside half bath. Peach, lemon, grapefruit trees. Large court for sports or riding bikes. 4 of the 5 A/C units are less than 1 yr old.
36001 S Moreton Road
Wickenburg, AZ 85390
$2,700,000
3
Beds
3
Baths
2,552
SqFt
Status
Active
MLS #
6744469
Property Type
Single Family Residence
Price Type
--
Hidden Hacienda, Wickenburg's Premier Team Roping and RV Camp Destination. Private, quiet, crisp and clean! 22+ Acres, contiguous to state land. Property available turnkey with tools equipment and furnishings. Secluded hilltop 3 bedroom, 3 bath home overlooking the property. 150 x 300 Roping Arena with Sprinkler System. 28 Covered Horse pens. 7 Stall Barn with turn outs and Tack Room. 60' Panel Round Pen. Outside pens approximately 180' x 40'. Covered Hay Storage and Connex Tool Shop. RV Camp and Club House is county approved and permitted in 2016 offering 110, 30 & 50 amp, plug-ins at each pedestal, water and septic. Club House offers an open-air lounge, two commercial washers and dryers, a commercial ice maker, two bathrooms, one with handicap accessible custom tile show Custom Cabinetry and furnishings. Home has an expansive and very private back yard, new roof and fresh interior and exterior paint as well as new tile and carpet. Property available turnkey with tools equipment and furnishings. Acreage available near the home to build additional shop or barn as well. Property Owned and offered for Sale by Arizona Licensed Real Estate Broker. 4 Parcels Available: 201-13-001-B, 201-02-002M, 201-02-002L, 201-06-005-D. Purchase 22 Acres or 12+ Acres THE ADDITIONAL 10 ACRES BORDERS STATE LAND, IS A PREMIUM LOT AND IS ZONED RCU-2A! MUST SEE Please see Turn Key list of Equipment to convey.
6032 W Victoria Place
Chandler, AZ 85226
$2,700,000
6
Beds
5.5
Baths
5,919
SqFt
Status
Active
MLS #
6742378
Property Type
Single Family Residence
Price Type
--
Extraordinary custom home within one of Chandler Arizona most coveted and idyllic gated communities. Trovita's newest built home is located on a desirable north/south exposure lot and nestled within the gated community's private, tree-lined streets, offering a unique opportunity to immediately enjoy all of today's modern styles and finishes within a well-established neighborhood. 2023 and 2024 full remodel of the home the upgrades are stunning with no details overlooked,...... The floor to celling custom retractable accordion doors seamlessly offer indoor and outdoor living to backyard including a custom oasis equipped with a beautiful wood beamed outdoor ramada and kitchen area w/ outdoor seating that offers a Wolf Grill, gas burners, stainless steel sink area, custom stone pizza oven and fireplace. Upgraded heated pool with water features, and custom tiled oversized spa. The large lush grassy yard with citrus trees and palm trees. Fine designer finishes throughout the home , including NEW wood and stone flooring, Crown molding, fully NEW paint throughout including all doors, Lutron automated shades, custom lighting, stone gas fireplaces. 3 of the fully remodeled bathrooms are fully handicapped accessible. One of bedrooms has its own private mini split A/C heater. Other bedroom has also been wired for a mini split. Entertain in the gourmet kitchen w/ an oversized island, stunning granite counters, tile backsplash, custom range hood, stainless appliances & dual convection ovens. The private owners wing provides relaxing amenities such as french doors leading to the resort backyard, a stone gas fireplace and a luxurious ensuite bath outfitted with gorgeous marble finishes, jacuzzi jetted tub, custom chandelier and an oversized marble shower. Even a state of the art Toto toilet. Retreat to the fully functional basement where you will find a large bonus room with wet bar and U-Line beverage fridge, a wine storage area, two of the six bedrooms, a bathroom and a theater room equipped with leather seating, a large screen, projector and a state of the art AV tower. Oversized 3 CG w/ epoxy floors, storage cabinets & a Tesla charging station. Rare palm trees planted in the front yard, ADT alarm is fully installed for added security. Truly a one of a kind custom home in this desirable area of Chandler Arizona.
9701 E Happy Valley Road Unit 16
Scottsdale, AZ 85255
$2,700,000
3
Beds
4.5
Baths
4,688
SqFt
Status
Active
MLS #
6784799
Property Type
Single Family Residence
Price Type
--
Sought after custom estate in North Scottsdale's gated community, The Peak, is perfectly situated on 4.44 acres of Sonoran desert. Boasting postcard worthy views of mountain peaks, city lights and stunning sunsets from patios in every room. Dramatic details throughout. Unique opportunity on expansive homesite, nestled to the south of Pinnacle Peak and Troon Mountain.
8567 E Black Mountain Road
Scottsdale, AZ 85266
$2,700,000
5
Beds
5.5
Baths
5,838
SqFt
Status
Active
MLS #
6779985
Property Type
Single Family Residence
Price Type
--
- RV Garage or 9 car -One bedroom casita - Theater room - No HOA restrictions - 50 FT RV Garage with ample storage space - Private courtyard with a resort-style pool - Breathtaking panoramic views from view deck - Dedicated movie theater for cinematic experiences - Bonus/game room for endless entertainment - Open floor plan with sliding doors bringing the outdoors in - Every bedroom has ensuite bathrooms for comfort and privacy Landscaping, mirrors, closets, will be complete per buyer request Lowest price SQFT in new construction in the area. Built in equity.
461 Rockrimmon Circle
Prescott, AZ 86303
$2,700,000
4
Beds
6
Baths
6,125
SqFt
Status
Active
MLS #
6745528
Property Type
Single Family Residence
Price Type
--
Luxurious Living!This exquisite home nestled in The Ranch of Prescott designed with meticulous attention to detail.Greeted by a grand entry,flows into an open concept living area perfect for entertaining.Gourmet kitchen is a chefs dream,w/high end appliances,custom cabinetry,large island.Great Room w/expansive windows,offers breathtaking views of the surrounding landscape,creating a serene&peaceful ambiance.Luxurious primary suite is a private retreat,complete with spa-like bathroom&spacious walk-in his&herclosets,sitting room.Additional bedrooms are generously sized,w/en-suite bathroom, ensuring privacy&comfort for guests or family.State of the art home theater,spacious family room,full kitchen,for entertainment&family get togethers,expansive deck, where you can enjoy panoramic views Step outside onto the expansive deck, upstairs and the lower level where you can enjoy panoramic views of the lush, rolling hills and stunning natural beauty. The outdoor space is perfect for hosting gatherings or simply unwinding with a glass of wine as you take in the spectacular sunsets or relax in the hot tub and enjoy the warmth of the firepit. Every detail of this home has been thoughtfully designed to offer the finest in luxury living. Amenities List is available upon request. Don't miss the opportunity to make this your dream home
41777 N 111th Place
Scottsdale, AZ 85262
$2,700,000
4
Beds
5
Baths
6,217
SqFt
Status
Active
MLS #
6613162
Property Type
Single Family Residence
Price Type
--
Set among giant boulders outside & inside the home, this contemporary home offers stunning unobstructed 270 degree views of city lights, sunsets, mountains & golf course from every room. Very rare for a home under $4M to sit so far above the homes in front, easily the best views you'll find in this price range. All living areas of main house are on one level with 4 large storage closets in the basement; framed for elevator. Kitchen & bath updates done summer 2023. Kitchen offers Sub-Zero & Miele appliances with views of all common areas of the home and major mountain ranges of the Valley. 3 adjacent lots are protected from having a home built, providing much more open space & enhanced view corridors. Great room has 2 separate TV viewing areas, pool table area, and 9' boulder that dramatically protrudes thru the wall. 4 bedrooms are ensuite and spacious; guest house can function as 2 bedrooms for a total of 5 bedrooms. Guest house is perched above a boulder field and offers even better views, with patio privacy secured by a 9' high granite formation. The main patio is built around magnificent boulders and features built-in BBQ, spa, firepit and views of the entire Valley. Ample room for large negative-edge pool and additional patio space if desired. Oversized 3.5 car garage has abundant storage. Recent upgrades... brand new spa heater, heat pump & water heater in 2023, all interior walls doors & cabinets painted for a more contemporary look, kitchen ceiling raised 2' with taller upper cabinets. Furnishings all available. Comps comment... home next door recently closed for $4.8M with views that are very inferior in width & elevation; at about half that price, this home is priced to sell! Golf & social memberships are available for purchase thru the Club; buyers are not required to purchase any type of membership. Owner agent.
8563 E Tumbleweed Drive
Scottsdale, AZ 85266
$2,700,000
3
Beds
3.5
Baths
4,116
SqFt
Status
Active
MLS #
6760560
Property Type
Single Family Residence
Price Type
--
Immaculately stunning Rosewood home in gated Sierra Boulders of North Scottsdale, atop an acre of pristine land nestled within the natural desert surround. This premium homesite is located at the end of the community offering immense privacy while accentuating the homes open and bright design, soaring ceilings, hardwood floors, custom window treatments, impressive gourmet kitchen with opulent granite island coupled with a dine-in tabletop, custom wood cabinetry, craftsman range hood, stainless steel appliances and gas range. The open & elegant formal dining room lends an essential touch to family gatherings, daily living and planned events. A 20' pocketed-sliding-glass-door frames the majestic desert-by-design backyard inviting you to experience the warm sunrises, mountain views, sparkling heated pool & spa, water feature, modern-fire-flame, built-in BBQ, ramada and expansive covered patio. The spa-like primary suite offers a large oversized walk-in shower, soaker tub, his and her custom-closets, dual vanity, makeup vanity, separate water closet and an abundance of beautiful natural daylight. Adjacent you'll find a relaxing and well organized library/den with custom Stone Creek built-in cabinetry, tray ceiling with crown molding and retractable sliding glass wall allowing for a serene and pleasant retreat. Just down the hall you'll find two large ensuite bedrooms with walk-in closets. The powder room is appropriately located off the foyer near the storage and coat closet. The walk-in pantry offers a well organized space with plenty of visible shelving for storing and accessing necessities. You're sure to appreciate the spacious laundry room with custom cabinetry, wash basin and ample storage. The temperature controlled, oversized 3 car garage abuts the expansive paver driveway with additional parking and turn around area. This luxury residence is conveniently located near the Boulders Golf Resort and Spa. The Carefree Town Center is just minutes away, making it an appealing option for those seeking a special property with resort-like amenities, excellent dining and shopping nearby.
10031 N Palisades Boulevard
Fountain Hills, AZ 85268
$2,700,000
4
Beds
5.5
Baths
4,604
SqFt
Status
Active
MLS #
6727118
Property Type
Single Family Residence
Price Type
--
New construction! Bring All Offers! Welcome to the All American home, a stunning new construction masterpiece that embodies the beauty of fountain hills in every way. EVERYTHING is top notch, this is for the meticulous buyer that demands perfection. MUST SEE the video tour of this home with IMPORTANT INFO! Walk up and experience Breathtaking curb appeal, designer entryway with tray sky ceiling, climate controlled 3 car garage, and VIEWS!! ALL Main living area is on ONE LEVEL. Custom chef's kitchen, w/ ample cabinetry w/marble counters, herringbone tile backsplash, pendant & recessed lighting, stainless steel dual wall ovens, island complete w/a breakfast bar. Upstairs bonus w/loft, bathroom, extra hidden room and more! The primary bedroom boasts direct outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks & a garden tub. All other bedrooms also showcase their own private baths for added convenience. Don't forget about the sizeable loft w/soft carpet or the cozy den, ideal for an entertainment center and office. Laundry room is equipped w/additional storage cabinets and a utility sink. Finally, the backyard includes a covered patio, extended seating area, a built-in BBQ, and a fire pit! What are you waiting for? Act now!
11717 E Estrella Avenue
Scottsdale, AZ 85259
$2,699,000
5
Beds
4.5
Baths
4,910
SqFt
Status
Active
MLS #
6772481
Property Type
Single Family Residence
Price Type
--
Top Scottsdale Location! Absolutely gorgeous 6-bedroom 5.5-bathroom home. With an almost 5000 square feet with a separate 850 sf Guest house with its own entrance and garage, this is the one that checks all the boxes for family living at its finest. Garage parking for 7 Cars Kitchen equipped with 6 gas burner stoves, double ovens, and double door Sub Zero fridge. With 3 master suites. The home is situated on an acre lot with a massive yard equipped with seating, dining, pool, spa and entertaining. All the best schools, access to entertainment, Freeway 101 No HOA, so perfect for a turnkey rental (Short or long term).
3905 Doc Raymond --
Flagstaff, AZ 86005
$2,699,000
4
Beds
3.5
Baths
4,063
SqFt
Status
Active
MLS #
6626676
Property Type
Single Family Residence
Price Type
--
Spectacular True Log Home in one of the most serene areas of Forest Highlands. Masterfully designed with impressive log beams and tons of windows and natural light. Be welcomed to this amazing log cabin by the large covered front patio and Porte Cochere. As you walk in the front door, you will be mesmerized at every angle by the quality construction and impressive log beams, stone fireplace and open great room. With 2 master suites and a total of 4 bedrooms, plus a loft, there is plenty of room for both large or intimate gatherings. Enjoy the cool nights on the expansive covered back deck. The garage is oversized and has a large storage area and workshop space. This home is impressive and you owe it to yourself to see it. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.
6023 E Turquoise Avenue
Paradise Valley, AZ 85253
$2,698,000
4
Beds
3
Baths
4,308
SqFt
Status
Active
MLS #
6747782
Property Type
Single Family Residence
Price Type
--
Spacious Contemporary Santa Fe Home. Seize the opportunity to live in the sought-after Three C Scottsdale Unified School District with this stunning 4-bedroom 3 bath, 4,309 sq ft home located on cul-de-sac, which also features a dedicated office space. The open layout is bathed in natural light, highlighting the elegant natural stone and wood flooring throughout. One of the bedrooms, along with an adjacent room, is perfect for a teen retreat or an additional living area. The expansive 36,204 sq ft south-facing lot offers breathtaking views of Mummy Mountain and endless possibilities for outdoor living. Whether you're dreaming of creating an adult oasis or a children's playground, there's ample space for a pickleball court, batting cage or any other outdoor activity you can imagine. This is a rare chance to craft your perfect lifestyle in a home that combines modern comfort with classic Santa Fe charm.