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Homebuyer Guide
Getting Started
Lenders can often give you an initial “ballpark” estimate of whether or not you qualify for the loan you want. They do this by looking at your income and your outstanding debts.
Now you can do the same, using the two methods we provide. The Income Ratio Method multiplies your total monthly income by approximately 29%* to estimate the maximum house payment you can afford.
The Total Debt Ratio Method takes approximately 41%* of your total monthly income, then subtracts your fixed monthly debts to estimate how much you have remaining for making your new house payment. MHC's online Mortgage Calculator will assist you with thesse calculations.
In addition to these ratios, other criteria, such as your credit history, total projected income, and property appraisal, etc., will be taken into consideration before the lender makes a final decision.
*Formulas and percentages used are for example only and may vary from lender to lender and by type of loan. Contact your lender or real estate agent for this figure.
Back to main Homebuyer Guide Page