Find out your max home price in 30 seconds. Uses the 28/36 rule, your income, debts, down payment, and current mortgage rates. Includes stress test (the rate you'd actually be approved at).
On $50K/year, the 28/36 rule suggests a max home of $200K-$280K. The actual amount depends on your debts, down payment, and interest rate. The 28% rule says your mortgage payment (including taxes/insurance) should not exceed 28% of gross monthly income. The 36% rule says total debt payments (mortgage + car + student loans + credit cards) should not exceed 36% of gross income.
The 28/36 rule is a mortgage qualifying guideline. 28% = your housing payment (PITI: principal, interest, taxes, insurance) should not exceed 28% of gross monthly income. 36% = all your debt payments combined should not exceed 36% of gross income. Most mortgage lenders use this as a baseline.
Minimum credit score for a conventional mortgage is 620. FHA loans accept 580+ (some lenders 500+). VA loans often have no minimum. For the best interest rates, you want 740+. The difference between 620 and 760+ can be 1-2% in interest rate, which costs $50K-$200K+ over 30 years.