How much house someone can afford is sometimes a complex question to answer. There are several other questions that have to be considered including:
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What portion of my household budget do I want to spend on housing?
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What are my current income and expenses?
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How much of a loan will I qualify for?
Determining what portion of your household budget should be spent on housing is a very personal and individualized decision. You need to purchase a home that will support the lifestyle you desire. If traveling and other activities are an important part of your life, you may want to devote less of your budget to purchasing a home. If these things are not very important, you may decide having a larger home is key to the lifestyle you desire. Nobody can answer this question for you, but a mortgage loan officer can give you an estimate of your payment at different price points. Contact an ADFA participating lender today to learn more.