When you make $900/month, you need money to cover your housing, utilities, food, etc.
Your mortgage payment will include the cost to pay back the loan (principal & interest), property taxes, and homeowner's insurance.
As Don said, the total amount of your mortgage payment, plus any other debts that would show up on a credit report - credit cards, car loans, student loans, etc - cannot exceed 50% of your monthly income. In fact, the mortgage payment alone can generally not exceed 35-40% of your income.
So yes, with your good credit it is possible to get a mortgage approval. The amount, however, depends on your other debts and how much of a home you are looking for. Property taxes and insurance in Florida are some of the highest in the nation, so you should speak with a local lender to get an idea of whether or not you'd actually be able to purchase a home.
Hope this helps!
Highest and best regards.
Vincent Paige |REALTORÂ® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
Florida Military Specialist (FMS)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
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DON SHIPPEY CDPE*, SFR*
*Certified Distressed Property Expert
*Short Sales & Foreclosures Resource
Military Housing Specialist
RE/MAX Properties SW
Infinity Real Estate Group
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