How Much Home Can
You Afford
Before you start shopping for a home, you need to know what kind of
home to shop for. To determine that, of course, you’ve got to
figure out how much you can afford to pay each month.
Fortunately,
there’s a pretty simple formula for coming up with this
number. The FHA has found that most people can afford to
budget 29 percent of their gross monthly income to housing expenses,
depending on total debt. Buyers with no debt can budget as much as 45
percent of monthly income to housing.
Homeownership is a
National Priority
FHA is Your Door to
Homeownership
Helping more low and moderate income Americans become homeowners is a
national priority, especially first-time homebuyers and minority
families.
Since its inception in 1934, the Federal Housing Administration (FHA)
has been a door to homeownership for 34 million American individuals
and families. FHA provides access to reasonably priced mortgages and
fair terms, as well as many options for keeping Americans in their
homes. We look forward to its continued role in making the dream of
homeownership achievable for all Americans.
Learn how you too, can achieve the American dream. FHA is
your door to homeownership.
Start now FHA
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