What is property tax in Lehigh Valley pa?

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I wana to buy a home within the next 2 years and can afford to pay my mortgage and taxes each month. Have lenders work in your tax credit or how I could pay for it. Please help, I’m lost! Wana and I own my home. But I do not wana be going broke. Thank you

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  1. Reply
    January 24, 2011 at 8:14 am

    I am located in the Lehigh Valley. Tax rates vary by municipality. Usually the taxes are added into your monthly mortgage payment. I would suggest you contact a local mortgage broker to see how much home you can afford and qualify for.

    If you would like to see what is on the market in the Lehigh Valley your should check out the Lehigh Valley MLS(link below) click on find properties and enter your criteria.

    The mortgage payment is made up by total of Principal and interest, Taxes, Insurance (It is refered to as PITI)

    To determine how much you can qualify for mortgage brokers use what are called front-end and back-end ratios. Front end ratio is PITI / total monthly income. Back end ratios is (PITI + monthly debt(car payments, credit card payments, etc)) then divided by total monthly income. Lenders will usually require front end ratios up to 28% and back end ratios up to 41%. These vary by lender… ALSO a biggie is your credit score. Lenders are requiring credit scores over 620.

    Good Luck.

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