That depends largely on your debt-to-income ratio (DTI).

 

In simple terms the formula is: your minimum monthly debt payments including your new proposed mortgage payment, divided by your gross monthly income.  

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For example: If your gross monthly income is $10,000. Your monthly debts such as car payments, credit cards (required minimum payments), student loan payments etc. are $2500 per month and the home you are looking at buying has a mortgage payment of $2500, then your total monthly debt is $5,000.

 

Your DTI therefore is 50% ($5000/$10,000). 

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The maximum DTI % you are allowed to have is determined by:

Loan product investor guidelines (think Fannie Mae, FHA, VA, or Jumbo)

Lender overlays: many retail lenders will additional rules that limit how much you can buy. Our lenders don't.

Credit score

Down payment % (Loan-to-Value)

Underwriting results

Income type

Reserves/liquid assets

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You can't really know until you have been truly pre-approved. There are too many variables.