How Much Can I Afford?
Knowing how much you can afford to pay is a crucial step in your search. Nailing down your budget early will make the overall process more focused and less stressful.
Here’s a good way to figure out how much you can afford:
The 28/36 Rule
The 28/36 rule is an established benchmark used by many lenders to determine how much credit to offer you. Here's how it works:
Get preapproved for a mortgage. Your lender can approve you for a certain to loan amount prior to your home search. This gives you a solid number against which you can assess the affordability of the houses you visit.
The "28" refers to the notion that no more than 28 percent of your gross monthly household income should go toward housing costs, which include mortgage principal, interest, taxes and insurance.
To calculate, simply multiply your gross monthly income (amount before taxes) by .28. Use this amount as a guide for how much house you can afford.
Example: You earn an annual salary of $70,000. Divide 70,000 by 12, giving you a monthly gross income of $5,833. Multiply that by .28, and you'll find you should spend no more than $1,633 each month on total housing costs.
The "36" part of the 28/36 rule refers to your overall debt, which shouldn't exceed 36 percent of your income. This is important to consider because other high monthly debt loads – such as car and credit card payments – impact the amount you can afford to spend on housing.
For first-time home buyers, the tricky part is knowing how much to budget for taxes and insurance. Your agent can assist you with this.
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The Inn of Okoboji
3301 Lakeshore Drive
Okoboji, IA 51355
WEBSITE
For a little History of The Inn dating back to the 1890's CLICK HERE
The Inn at Okoboji offers so much to do and so much history. Located on 500 feet of West Okoboji Lake lakeshore, the views are amazing. The Inn is a hotel/resort, with a dining and a full service facility designed for meetings, gatherings, events and weddings.
Also, The Inn has a 9 hole executive golf course and is partnered with other local golf courses in the Iowa Great Lakes Area. They also have in door and out door pools with a hot tub, docks, and an on-site boat lift
If you are looking for a family friendly place to watch the fireworks on the 4th of July while avoiding the congestion of the Amusement Park area, this is your spot. You don't have to be a guest of the hotel, but the 500 feet of lakeshore provide ample seating for hundreds of people to have a good time. They offer live music and offer hot dogs and hamburgers, so come enjoy the day and stay for the fireworks.
Boji Bay Funhouse Pavilion
Boji Bay Funhouse Pavilion
2501 Boji Bend Dr
Milford, IA 51351
Boji Bay Funhouse Pavilion offers a LOT.
Facilities Include: Banquet area with a giant indoor rug slide, kitchen/catering, Bar area, Conference Room, 2 Outdoor Pools, Boji Bay Legacy Park Concert area, mini golf, as well as the Clubhouse restaurant.
One can rent out the pools for a concert, or the Banquet area for weddings/parties.
