Budgeting

CAN I AFFORD THE RENT ON THE HOUSE I WANT?

Great question! We want to see all of our clients become homeowners. But first you need to be able to afford the rent, pay your other bills and build some savings. We encourage our clients to find a home with a smaller monthly payment than the maximum to allow them to save as much as possible during the lease.

Select State

Applicant income

Co-applicant income (if any)

Total Household income

Student Loans?

Student Loan Balance

Car payment

Minimum credit card payment

Other (loans, child support, etc)

Maximum Dream Rent Budget

Maximum House Price

Please note, this is an estimate only. Outstanding collections and other items will also be considered which may reduce your rent budget.
If your maximum Dream rent budget is less than $1,600, you will not qualify for Dream America.

HOW MUCH DO I NEED TO SAVE TO BUY A HOUSE?

During the life of your lease, you will need to build your savings for a downpayment, closing costs and prepaid items like property tax.

House Price

Downpayment (FHA is 3.5%)

Estimated closing costs and prepaids

Total

Estimated Rent

I plan to rent for 6, 12 or 24 months

Buyer credits

Dream earnest money

Additional earnest money, if any

10% On-time rent bonus

Additional Savings Need

Savings per month to reach goal

*Please note: When you purchase a home, there are closing costs associated with the mortgage. You will also need to prepay 12 months of property tax and hazard insurance. Dream America is not a mortgage lender. Your actual closing costs may be higher or lower. Rent shown above is rough estimate. Actual rent will vary based upon property tax and HOA, if any, in your home.