How Large Of A Loan Can You Be Approved For?
To get a quick idea of what you can afford to spend, multiply your annual gross income by 4. For example, if your annual household income is $50,000, you might be able to qualify for a $200,000 home. This is just a rough estimate – the actual number will vary based on factors such as current interest rates and the rate for which you'll qualify based on your debt and credit history, as well as other financial factors. For a better idea of the price range you might qualify for, check out an Affordable Home Calculator.
The best way to know for sure what you can qualify for is to get Pre-Approved for your loan.
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Dwight and Murielle Morris
