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Deciding How Much House You Can Afford​

What Can I Afford?

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent.
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No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much. Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

Use the Calculator to Find Out How Much Home You Can Afford

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Sellers

Sell a Home-Step 1
Turnkey Selling Service
​Transaction Services
​Staging Tips
​Instant Offer vs Traditional
​FSBO For Sale By Owner
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Buy/Sell Concurrently​

Buyers

​Buy a Home-Step 1
​Home Search Mobile APP
​​New Home Construction
​How Much Can I Afford?
​Buy vs Rent
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​​​Calculate Monthly Mortgage
FREE Down Payment Money

Resources

Avoid 13 Homebuyer Mistake$​
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Thinking About Downsizing?
​Market Reports
Property Tax Rates Georgia
Georgia Zip Code Data
​Rental Property Analysis Calculator

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Daniel Hebert Realtor real estate agent 30115, 30114, 30188.30107
DANIEL HEBERT
(678) 778-7133
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Home buying and selling in Georgia, 30115.30114
Atlanta Communities | 770.240.2005 | Fax 770.240.5405 | 9860 Hwy 92 | Woodstock, GA 30188      Join Atlanta Communities
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  • Home
  • Join Us
  • Seller
    • Home Estimate
    • Home Seller's E-Guide Book
    • Professional Home Valuation
  • Buyer
    • Home Buyers E-Guide Book
    • Find a Home
    • VIP Listings
    • Mortgage Pre-Approval
  • Contact Us
  • Featured Listings
    • 150 Townview Dr Woodstock Ga 30189
    • BYERS DR Ball Ground, GA 30107​
    • 1810 WILLIAMS DRIVE MARIETTA, GA 30066
  • More
    • FAQs
    • Start An Offer
    • Refer a Friend
    • Newsletter Signup