Unlike conventional loans that require a 20 percent down payment or additional private mortgage insurance, borrowers choosing an FHA loan are eligible for a loan with only as little as 3.5 percent down with a mortgage insurance premium. These are most common with first time home buyers.

That likely will mean a larger portion will be denied while some borrowers may not even apply for the loans in the first place. FHA officials imposed the stricter criteria because they’re concerned.

Churchill Mortgage, a provider of conventional, FHA, VA and USDA residential mortgages. This is especially valuable to.

What Mortgage Can I Afford Calculator House Much House Can I Afford Calculator How much house can I afford? – The Lenders Network – How Much Home can I Afford? How We Calculate it.. The average American household income is $73,298, assuming you have no monthly debt payments you can afford a home priced at $285,000 with a 3.5% ($10,000) down payment for $1,800 per month.