: A standard lender guideline stating that housing costs should not exceed 28% of your gross monthly income , and total debt (including housing) should stay below 36% . Key Pre-Purchase Tips
: Experts at My Home Pathway recommend spending no more than 30% of your gross income on monthly payments, having 30% of the home price saved (for down payment plus buffers), and limiting the total home price to 3x your annual income . buying first house tips
To avoid being "house poor," you can use these common rules of thumb to determine your budget: : A standard lender guideline stating that housing
: Focuses on cash reserves—having 3 months of living expenses , 3 months of mortgage payments in reserve, and comparing at least 3 homes before offering. buying first house tips