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Frequently Asked Question
Buying a home is a big decision – especially for first-time homebuyers – and it often raises questions about how much you can comfortably afford.
How much house can I afford?
Most lenders suggest spending no more than 28% of your monthly income on housing. But what you can afford also depends on debts, down payment, and interest rates. A calculator gives a great starting point, but working with an agent can help you see the full picture.
What factors determine how much home I can afford?
Your income, monthly debts, down payment, and credit score all play a role. Lenders also consider interest rates and property taxes. Lower debt and a bigger down payment mean you can afford more — but staying within a comfortable monthly budget is key.
How much should I save for a down payment?
While 20% is a common goal, many buyers put down much less — even as low as 3% to 5% with special loan programs. A larger down payment can lower monthly costs, but don’t let saving for 20% stop you from buying if you’re otherwise ready.
What is a debt-to-income (DTI) ratio and why does it matter?
Your DTI compares your monthly debts to your income. Lenders use it to decide how much you can safely borrow. Keeping your DTI low makes it easier to qualify for a mortgage and helps ensure you’re not overextending your budget.
