Tell us how much you make, how much you’ve got for a down payment, and your debt to find out how far your dollar will stretch home hunting.
To arrive at an “affordable” home price, we followed the guidelines of most lenders. We’ve allowed a total debt-to-income ratio of no more than 36 percent and we have assumed a housing payment-to-income ratio of 28% for our conservative estimate. Before buying, however, you should also factor in other savings needs, including retirement and college. We do not factor in private mortgage insurance, which you’ll owe if your down payment is less than 20 percent of the purchase price.
This tool gives you an estimate of what you can afford, however it is important to work with an experienced Mortgage Broker who can review your circumstance and provide you a loan Pre Approval. We can provide you with names of qualified brokers in your area.