Listed below are the basic guidelines of how our industry determines how much of a mortgage payment you qualify for.
1. Your gross (before taxes) monthly salary should be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
2. Your gross (before taxes) monthly salary should be greater than 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.
Loan Calculators are tools designed to help you. However, we can help you know exactly what you qualify for.