Congratulations to four local Huntsville students who have received $1,500 scholarships from the Scholarships for Military Children program through the Defense Commissary Agency. This year’s recipients include Ben Farr, Katrina Gervais, Julia Merkel.

Scholarships for Military Children, funded by the vendors and manufacturers of groceries in the commissaries, provided 500 $1,500 scholarships with at least one at nearly every commissary worldwide in 2006. The program is administered by Fisher House Foundation, which operates a network of comfort houses located near military medical centers, providing a home-away-from-home for the families of hospital patients in crisis.

This scholarship program is just one way that commissaries give back to their communities.

Thinking of buying or selling Huntsville real estate? Visit my website to look at all Huntsville homes for sale or to get a Free home evaluation.

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When you decide to purchase a Huntsville home, your first step should be to determine how much you can afford to spend. Of course, your mortgage lender will ultimately assess the amount you’re eligible to borrow. Therefore, you need to target an appropriate price range before you begin house hunting. 

I work with several local mortgage lenders. Call or email me and I will send you a current list. They can assist you at no cost to see exactly how much you can afford wehn buying Huntsville real estate. There are many different mortgage programs available including those with no money down.

To get an estimated figure, look at your monthly budget and estimate how much you’re willing and able to set aside for your mortgage payment each month. You should also consider how your monthly mortgage payment will relate to your total monthly income.

Generally, your total housing expense should not exceed 28% of gross monthly income (FHA is 29%, VA is N/A). Your total housing expense is the sum of principle, interest, and escrows. Also, total monthly obligations should not be greater than 36% of gross monthly income (FHA and VA are 41%). Monthly obligations include total housing expense plus payments on installment loans revolving credit payments, mortgage payments on real estate that doesn’t produce income, and alimony and child support payments.

You can calculate how much home you can afford in Huntsville on my website. You’ll probably have more questions after you do this, so don’t hesitate to contact me. I’m here to help.

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