Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. The basic guidelines for qualification for determining the highest payment you could qualify for based on credit rating are as follows:
The lesser of
28.000 % of gross income
36.000 % of gross income less fixed monthly expenses
The lesser of
36.000 % of gross income or
42.000 % of gross income less fixed monthly expenses
So if you are trying to buy a $348,000 house with a downpayment of $22,500, you will be financing approximately $325,500.
At 5% interest rate
with a 20 year amortization, your mortgage payment would be $1744.67/month. If your GMI is $8666 and your credit is good, 36% of your GMI is $3119.76; If your credit is medium, 28% of your GMI is $2426.48. I don't know enough of your fixed monthly expenses, but yours seem minimal so based on what I'm seeing, you should not have a problem qualifying for this mortgage.
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