Mortgage Informer

Dear Dr. Don,
I am 39 years old and about to buy my first home. I am looking at a house that costs $250,000 and am planning to go for an FHA loan when selecting a home mortgage. According to my loan officer, the monthly payment is going to be $2,100, not including utilities. I bring home $4,200 a month. Is it wise to spend 50 percent of my monthly income toward a mortgage? In another words, can I afford it? Please advise at your earliest convenience.
– Emba Evaluates

Two former executives of the National Home Mortgage Finance Corp (NHMFC) were charged Monday before the Sandiganbayan in connection with an alleged land-titling scam in Caloocan City.

Those charged were Obed Cutaran, former NHFMC executive vice-president, and Celso Z. Fernandez III, former manager of the NHMFC-Community Mortgage Group.

The two were charged after Graft Investigation and Prosecution Officer I Janet C. Cabigas-Vejerano recommended to indict the duo on 32 counts of graft and 32 counts of falsification of public documents.

The recommendation was approved by Ombudsman Ma. Merceditas N. Gutierrez.