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To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36.
Your house budget is based on how much you can afford to pay each month and how much you have to put down. While a 20 percent down payment is ideal, the majority of first-time homebuyers actually put down between 5 and 10 percent.
How much house can I afford? | Yahoo Answers – With todays rates and based on your credit score you can ball park about $7.00 per thousand on a payment plus tax’s and insurance. I also would try and stay around 20% of monthly income for a house payment to stay on safe side.
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A quick recap of the guidelines that we outlined to help you figure out how much house you can afford. The first is the 36% debt-to-income rule: Your total debt payments, including your housing payment, should never be more than 36% of your income.
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To determine ‘how much house can I afford,’ use the 36% rule, which states your monthly mortgage expenses and other debt payments shouldn’t exceed 36% of your gross monthly income.
A debt ratio of 36% is used for all down payments. The following ratios are used for aggressive results: housing and debt ratios of 31% and 38%, respectively, for down payments of less than 10%; housing and debt ratios of 32% and 40%, respectively, for down payments of 10% or more but less than 20%;
To lenders, it’s just as important as your credit score and job stability. lenders calculate your debt-to-income ratio by dividing your monthly debt obligations by your pretax, or gross, income. Most lenders look for a ratio of 36% or less, although there are exceptions when the ratio can be higher.