Financing a Home Purchase

How Much Home Can I Afford?

It’s essential to be aware of your financial limits and to plan responsibly. Keep in mind that the amount you can afford isn’t always the same as what you should spend on a home. It’s crucial to remember that the amount a lender is willing to approve you for is not necessarily the same as your ideal budget.

Listen to our Podcast episode, or read our post on how to budget for a home.

Focused on budget and affordability, we have several resources to help you calculate what you can afford and how to create a budget

Young couple planning and looking for comparison information on their decision to buy a new home together

How Much Home Can I Afford?

Credit score app and a coffee

Looking to see what different home payments would be? Try our Mortgage Payment Calculator.

The estimated provided use a 31% and 43% ratio. This is fairly average for many consumers especially with FHA loans, however some lenders may allow for up to 55% with excellent credit.

Ready to talk to a real estate agent? We’ve partnered with Home&Money to help you get connected quickly and easily. Simply head over to https://homeandmoney.com/fthb/ and fill out the simple form to be connected right away with a local, qualified agent!

The estimated results provided by the First Time Home Buyers calculator should be considered as a reference only. They do not encompass all loan types and are subject to individual program loan limits.

The mortgage you may qualify for is influenced by numerous factors, including your total monthly payment, income, current debt obligations, creditworthiness, down payment amount, and other considerations your lender may evaluate. As a prospective homebuyer, it’s crucial to analyze your personal financial situation and consult with a financial advisor to determine the mortgage amount you can comfortably afford.