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Home buying process / Can I be a homeowner? - How much can I afford?
Lenders use guidelines to determine whether homebuyers will be able to pay their monthly mortgage payments comfortably. The guidelines lenders use generally state that a household should spend no more than 28 percent of its income on housing expenses and no more than 36 percent of its income on all debt obligations (including the monthly mortgage payment).
Additionally,mortgage calculators are helpful to determine how much house you can afford. If you are buying a house with someone else such as a spouse, parent, partner, or companion, that person’s annual gross income and debts can be considered in computing the cost of the home.