What is the maximum mortgage amount I qualify for?

In Virginia, the maximum mortgage amount you qualify for will depend on several factors, including your credit score, income, and debt-to-income ratio. Generally speaking, the maximum mortgage amount that you will typically qualify for in Virginia is the lesser of two values: the loan limit for your area, or a percentage of your income. The loan limit for your area, known as the conforming loan limit, is set by the Federal Housing Finance Agency (FHFA) and is based on the median home price in your area. The loan limit for most areas of Virginia ranges from as low as $484,350 to as high as $726,525, although a handful of high-cost areas have a slightly higher loan limit of up to $765,300. The second value to consider is the percentage of your income that you can typically borrow to purchase a home. Generally, lenders will allow you to borrow up to 45-50% of your gross monthly income. So if your income is $4,000 per month, you may be able to borrow up to $2,000 per month for housing expenses. However, it’s important to note that lenders may place additional limits on the total amount you can borrow. Your maximum mortgage amount will be the lesser of the loan limit in your area and what you are able to afford to borrow based on your income and other financial factors. Ultimately, the best way to determine the maximum mortgage amount you qualify for is to speak to a lender and receive a pre-approval.

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What is the maximum mortgage amount I qualify for?

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