There is also a three-digit code number assigned to each currency, in the same manner as there is also a three-digit code number assigned to each country as part of ISO 3166. This numeric code is usually the same as the ISO 3166-1 numeric code.
This calculator uses these guidelines for determining how much house you can afford, which are similar to common underwriting criteria that mortgage lenders use. 1  Your total mortgage payment should be no more than 28 percent of your gross monthly income.
There are a number of requirements that must be met before being approved for an FHA loan: 1  Whereas many lenders ask for a 20-percent down payment, you donât need a huge upfront payment for a government backed mortgage. The FHA needs a down payment 3.5% of the purchase price.