What is the maximum mortgage amount I qualify for?

The maximum mortgage amount that you qualify for depends on a variety of factors. In California, lenders generally require borrowers to have at least a 20 percent down payment. This means your mortgage amount must be no higher than 80 percent of the value of the property. Additionally, your total debt-to-income ratio (DTI) must be below 43 percent. This means that the total of your monthly payments must not exceed more than 43 percent of your gross monthly income. Additionally, the amount you qualify for depends on the type of mortgage you are seeking. Conventional mortgages are typically for amounts up to $510,400, with higher amounts available for high-cost counties. For example, in Los Angeles County, the maximum loan amount for a conventional mortgage is $726,525. For FHA loans, the maximum loan amount is $765,600 in most areas, but can be higher depending on the location. In Los Angeles County, the maximum loan amount for an FHA loan is $822,375. The amount of your down payment also impacts the maximum mortgage amount you qualify for. The larger the down payment, the higher the loan amount you can take out. Additionally, the interest rate and closing costs play a role in the total mortgage amount. The higher the interest rate or closing costs, the lower the loan amount you can qualify for. Ultimately, the maximum mortgage amount you qualify for will depend on a variety of factors including your DTI, the type of loan, and the amount of your down payment.

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What is the maximum mortgage amount I qualify for?

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