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Mortgage Questions - Maximum Loan Amount


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What is the maximum loan amount I can afford?

The maximum loan amount you can afford is based in part on your debt to income ratios, which are a comparison of your gross (pre-tax) income to housing and non-housing debt. Non-housing debts include such long-term expenses as car or student loan payments, alimony, or child support.

One ratio, called the front end ratio, compares the monthly mortgage payment to your gross income.  The other ratio, called a back end ratio, compares the total of your mortgage payment and your non-housing debts to your gross income.  The maximum debt to income allowed is different for different loans.  However, FHA loans usually allow a maximum of 31% and 43%, respectively. 

Other factors that play a role in your max loan amount include closing costs, credit history, and cash available for down payment

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