Down payment size matters here in a specific way: on $700,000, the minimum crosses from 5 percent into the 10 percent tier above $500,000, so the cash requirement jumps faster than the price does. A larger down payment lowers the monthly payment and can bring a lower income into range.
Existing debt narrows the gap fast at this price point. A car payment or a line of credit reduces how much mortgage the 44 percent total debt ceiling leaves room for, sometimes by more than buyers expect going in.
Joel Dyck can pair you with a mortgage broker to get an exact number before you start looking at homes in this range. Get your hand-reviewed valuation from Joel Dyck.