It's the WHOLE package of you. That is your debtload, which limits your ability to repay a loan. It depends upon your income, your job stability, your down payment, etc. MOST common mistake of first time homebuyers is to overextend themselves. Rule of Thumb: You can afford to pay 1/4 of income on housing, not more than 1/3 with all utilities thrown in. Or, you afford a home 2 to 2.5 times annual income, NOT more than 3 times annual income. The MORE you put down, the lower your interest rate, and more likely you are to obtain loan approval. The MORE you put down, the LESS interest you pay over the life of the loan--tens of thousands of dollars.
Easy answer: Ask your loan officer. Otherwise: Figure out your debt to income ratio (DTI) Add up all of your monthly debt obligations -- often called recurring debt, car loans, student loans, your minimum monthly payments on any credit card debt, and any other loans that you might have. (You say you don't have any, so zero) Divide by your monthly income. VA, I think allows up to 41% debt-to-income including your mortgage (including taxes and insurance) 36% is standard, and it used to be 28% which leaves more room for living expenses and discretionary spending. The percentage difference between your current debt and 41% of income will tell you how much is left for a mortgage, and your interest rate will determine how much house you can afford for that payment. Here is a calculator that will help: I agree with the other answer about over-extending yourself! Remember to leave room for unexpected expenses. That said, I started as a first-time homeowner with a Nebraska zero down in 1984 and at some point the payment was 50% of our income but we managed to pay it and sold the house for twice what we paid after 8 years.
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