First Time Homebuyer, Moving Up to a Bigger Home, Consolidating you Credit, Refinancing for a Home Remodel - See if You Can Afford the New Mortgage

In some ways determining the amount that you can afford to pay for a new home may seem simple.
You figure out your net income after taxes, and subtract all of your other payments and expenses other than housing. The answer you get is how much per month you can afford for your new home. You would be right, of course, but it isn't quite that simple.
First of all, lenders have standards that
you must meet in order to get a mortgage from them. These standards vary from
company to company, but generally, the total mortgage payment plus property tax
plus homeowners insurance AND any association dues, should not exceed 28% of
your net income.
The
other thing you must add is all other monthly debt payments you have (school,
car, credit, etc.). Add this total to the total of your cost of home ownership
that you calculated previously. The total should not exceed 40% of your net
income.
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