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.
All lenders have an approving authority for its loans. For example, a loan under $300,000 may only need to be approved by a senior loan officer, while a $1,000,000 loan may have to go before a committee. The approval authority for exceptions may or may not be the same.