That depends on a variety of factors, but the most common answer is that your debt ratios are in line with lending guidelines. But it may also be more than that. It may just be the amount that you feel comfortable with. Often when I’ve prequalified clients, typically first-time home buyers, they’re surprised at how much money a lender will lend to them. ‘‘Oh gosh, no. I don’t want that much money!’’ Still others are disappointed that they can’t borrow more than the lender feels comfortable with, using the very same loan parameters.
What’s good for one borrower may not be good for another. Different mortgage programs can have different lending guidelines, but for the most part these programs decide how much you can borrow based upon these ratios. It used to be that debt ratios were relatively strict. If a ratio were above 41, for example, the buyer would either have to borrow less or find a cheaper house.
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