Take the annual income divided by 12 ($66,000.00), and multiply it by 46%: This would be your absolutely maximum "front end" total housing expense for an FHA loan. Now do the same monthly income and multiply it by 56%, then deduct your monthly bills that are on your credit. Then choose the lowest amount between the front and back end. The number would be the maximum monthly payment you qualify for.

Then take the monthly payment, and multiply it by 100, and the answer would be what you should qualify for. However, on a case-by-case basis you can ad up to $50,000.00 more to the previous number. Visit http://alexbaglioni.com/MortgageCalculator.html for more information

Surflirio,
Angela Jensen is correct, there are various factors involved. I am a mortgage banker for a direct lender and I am available to give you all of the information you need to get a loan and purchase a home you can afford. My firm offers FHA, VA, USDA and Conventional loans at competitive rates. Plus if you are a first time home buyer, you qualify for the $8,000 tax credit. Call me for a free private consultation.

regards,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469

Hello Surflirio - It is not that easy to calculate; you have to take into account any expenses you have e.g. credit cards; car payments etc., they reduce your buying power. You need to get in touch with a Lender to get prequalified, that is your safest bet to make sure you know how much "house" you can afford to buy. If you have a relationship with your bank, that is a good place to start; or you can go online and get prequalified there. There are any number of sites that will let you go on and enter your info without talking to anyone. You can also try BankofAmerica.com. Good Luck!

Best regards,
Angela Jensen
(954) 465-1388
jensenatj@aol.com