It all depends on your salary and your expenses and your credit score.
Your salary must be good, your expenses must under control and the credit score should be more than 620.
Let’s assume your annual gross salary is $100,000, according to this;
1:Your PITI must be
$100,000*28/100=$28,000
PITI is principal: Interest: Taxes: Insurance.
2:Your DTI must be
$100,000*36/100=$36,000
DTI contains:
Mortgage, credit card payments, child support and other loan payments
3:Down payment of 20%.
Remember; down payment directly affect your total amount of mortgage.
More the down payment will minimize the interest rate on mortgage.
According to survey a person can easily afford mortgage double or even more than the double of his salary. So according to your salary
$100,000*2= $200,000
$175,000*2.5=$250,000
You can easily afford from $200,000 to $250,000 if DTI and PITI is under control.
Hope this will help you.
But if you want to check your affordability yourself, visit;
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