How much you will get approved for a loan will depend on your income.

Here is the math formula a lender uses to decide the max approval amount they say you can afford for a PITI mortgage payment ( Principal, Interest, Taxes, Insurances on PROPERTY and Insurance on LOAN ie the PMI)

Formula is X-Y =Z

X= Gross monthly incomes X .42

Y= the Sum of the minimum debt payments on all the liabilities you have in car notes, cred cards, student loans etc)

Z= the maximum PITI monthly mortgage a lender says you can afford

Mind you Z is the maximum at 50% debt to income and it’s not advisable to buy at your max you should always stay close to under 36% Debt to income, let’s call this A.

‼️Example at $55k ‼️

X= $4,583 x0.42 = $1,925

Y= $350 (student loan payment)

$1,925- $350= $1,575 max PITI Mortgage (Z) you would likey qualify for today in March 2023. poor.

This would be MAX a $180k house at 10% ($18K) down payment at 7% interest rate at a PMI rate of 0.80% at a 1% property tax rate.

The mortgage would be $1,480.