To determine how much mortgage you may qualify for, several factors need to be considered, including your credit score, income, debt-to-income ratio, employment history, and the amount of down payment you can afford.
A general rule of thumb is that your monthly housing expenses should not exceed 28% of your gross monthly income. Additionally, your total debt-to-income ratio should not exceed 43% of your gross monthly income.
To get a more accurate estimate, you should speak with a mortgage lender or a financial advisor who can review your financial situation and provide you with a pre-approval letter. This letter will indicate the maximum amount of mortgage you are eligible for, subject to underwriting and other factors.
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