OHIO HOME BUYER MORTGAGE QUIZ
Find out how much home you can afford and what rates you can expect to pay
Find out how much home you can afford and what rates you can expect to pay
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While many refer to the 28/36 rule, most lenders use a 36/43 debt-to-income (DTI) ratio. This means your mortgage payment (including taxes and insurance) should be no more than 36% of your gross monthly income, and your total debts (including credit cards, car loans, and the mortgage) should stay under 43%.
For example, with $3,000 in monthly income, your mortgage payment should be no more than $1,080, and your total debt load shouldn’t exceed $1,290.
FHA loans generally use a 31/43 DTI rule. Your mortgage should be no more than 31% of your income, with total debts under 43%.
Example: If you earn $3,000/month, your maximum mortgage payment is about $930. FHA loans may allow credit scores as low as 580 (with 3.5% down) or 500–579 (with 10% down). Keep in mind, FHA loans require mortgage insurance and are subject to regional loan limits.
VA loans are available to eligible veterans and active-duty military. These loans require no down payment or PMI. The typical DTI guideline is 41%.
If you make $3,000/month, your combined monthly debt and mortgage payment should be under $1,230. VA loans include a one-time funding fee, but often provide more flexible approval terms.
Use an affordability calculator as a starting point, but think about your financial comfort zone. Consider your monthly spending habits, emergency savings, and long-term goals.
Ask yourself:
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