How much house can I afford in Florida?
Your max purchase price depends on income, debts, credit score, and down payment. Use the guidelines below — then get a real pre-approval number from our mortgage team.
Income × 28% = your housing budget.
Lenders use two debt-to-income ratios. The front-end DTI caps your housing payment (PITI) at 28% of gross monthly income. The back-end DTI caps all monthly debt payments at 43–50%, depending on loan type. Your lower number is the limit.
Quick Calculation
| Gross Income | Max Payment | Price Range | Down Pmt | Loan Type |
|---|---|---|---|---|
| $75,000/yr | $1,750/mo | $285,000–$320,000 | 5–20% | FHA or Conventional |
| $100,000/yr | $2,333/mo | $385,000–$430,000 | 5–20% | Conventional preferred |
| $125,000/yr | $2,916/mo | $475,000–$540,000 | 10–20% | Conventional or Jumbo |
| $150,000/yr | $3,500/mo | $575,000–$650,000 | 10–20% | Conventional or Jumbo |
| $200,000/yr | $4,666/mo | $775,000–$875,000 | 20%+ | Jumbo likely required |
Assumes 7.0% rate, 30-year term, $500/mo taxes+insurance+HOA, and minimal other debt. Your situation will vary. Get a personalized pre-approval for exact numbers.
Your Gross Income (Not Net)
Lenders use gross income — before taxes. If you're self-employed, lenders average the last 2 years of Schedule C net income. W-2 borrowers use base salary + documented bonuses/commissions.
All Monthly Debts Count
Car payments, student loans, minimum credit card payments, and personal loans all factor into your back-end DTI. Paying off a car loan before applying can meaningfully increase your purchase price.
Down Payment Changes Everything
3.5% down on FHA means a larger loan and PMI. 20% down eliminates PMI (saving $100–250/mo) and qualifies you for better rates. VA loans require $0 down with no PMI — the highest-purchasing-power option.
Credit Score Affects Rate (and Affordability)
A 760+ score gets you the best rate tier. At $400K, the difference between a 680 and 760 score can be 0.375–0.5% in rate — that's $90–120/mo in payment and $30–40K in purchasing power.
Florida Property Taxes Are Real
Palm Beach County effective rate averages ~1.1% of assessed value. On a $450K home: ~$4,950/yr ($412/mo). Homestead exemption saves ~$750/yr on primary residences after your first year.
Equal Housing Lender. Affordability estimates are illustrative only. Not a commitment to lend. All loans subject to credit approval. NMLS# 1859012. Licensed in Florida.
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