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How Much Can You Borrow? |
How much you can borrow will depend on your income, down payment, job
stability, existing debts, credit references and payment history.
Lenders usually use the following two qualifying guidelines to decide
how much of a loan you can manage:
- Your
monthly housing expenses - mortgage payment, property taxes, insurance,
etc. These expenses should be no more than 28 percent of your monthly
gross income.
- Your monthly living
expenses and any long-term debts - utilities, car and school loan,
child support, health and car insurance, etc. These expenses should be
no more than 36 percent of your monthly gross income.
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