💡 : Use the lower end (3x) if you have high existing debt or a small down payment. Use the higher end (5x) only if you are debt-free and have a 20% down payment . 🛠️ How to Calculate Your Personal Limit
: Your total monthly debt payments—including your new mortgage plus car loans, student loans, and credit card minimums—should stay below 36% of your gross income . Quick Income Benchmarks income to buy a house
To determine the income you need for a house, lenders primarily look at two numbers: your (before taxes) and your Debt-to-Income (DTI) ratio . 🏠The Gold Standard: The 28/36 Rule 💡 : Use the lower end (3x) if
: Your total monthly housing costs (principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income . Quick Income Benchmarks To determine the income you