// EXECUTION PROTOCOL
- List monthly gross income
- Add up existing debt payments
- Estimate taxes and insurance
- Include HOA or condo fees
- Use 28% housing ratio
- Keep an emergency fund
Lenders often use a 28/36 rule: housing costs under 28% of gross income, total debt under 36%.
DMV property taxes vary widely — Fairfax, Montgomery, and DC have different rates. Include them in monthly estimates.
Do not forget HOA fees, condo fees, and higher utility costs for larger homes.
Leave a buffer for maintenance (1% of home value annually) and lifestyle expenses.
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