Down payment size shifts the required income more than people expect. The minimum is 5 percent on the first $500,000 and 10 percent above that, and a larger down payment lowers the monthly mortgage enough to bring a lower income into range on the same house.
Existing debt is the variable buyers most often overlook. A car payment or a line of credit reduces the room left under the 44 percent ceiling before the mortgage payment is even considered.
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