Most lenders figure you can afford 26 to 28-percent of your gross monthly income on house payments, taxes and insurances. The requirements vary by institution and to some extent by your financial situation. Your total long term debt, including the mortgage, is usually expected to be no more than 33 to 36-percent of your income. The FHA goes as high as 41-percent. For an exact indicator, you can go to lenders in advance of finding a home to be pre-qualified for a mortgage amount.
Lenders are funny that way.
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