Housing Expense

Housing Expense

The sum of the monthly mortgage payment, hazard insurance,property taxes, and homeowner association fees.

Housing expense is sometimes referred to as PITI, standing for principal, interest, taxes, and insurance.

References in periodicals archive ?
As a general target, lenders like to see your housing expense ratio come in at no higher than 28 percent of gross monthly income, though there is flexibility to go higher if other elements of your application are viewed as strong.
Mortgage payments were the only housing expense category to see a fall between March 2008 and March 2011 and also recorded the biggest decline over the past year (-2 per cent).
The move was unveiled as senior Tory MP Bernard Jenkin was ordered to repay a record pounds 63,250 in housing expense claims.
Karen Jurasek, president/ CEO of Generations CU in Rockford, said many of the nonprofit partners in the program provide essential services, such as housing and job training, "but their clients lack the skills necessary to manage their housing expense and their paycheck.
The housing expense refers to claims made using the Commons allowance which subsidises second homes, and is designed to help MPs who need a property in London, near Parliament, as well as one in their constituency.
The adjusted housing expense limitations are to be used in determining the housing cost amount eligible for exclusion or deduction for tax year 2007.
Data ranges from the applicant's zip code, the age of the home, and its appraised value to the monthly income, proposed housing expense, and credit rating of the borrowers.
Previously, the amount excludable was the excess of housing expense over a base housing cost amount (a percentage of the salary level of certain government employees).
They're experiencing a very low level of housing expense.
San Francisco residents have the nation's biggest housing expense, but bring their total expenditures down with low transportation costs.
Freddie Mac's guideline is that the monthly housing expense should not be greater than 25 percent to 28 percent of the borrower's stable monthly income.

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