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.
For example, if youâre looking to buy a home, a score of 500 qualifies you for a FHA loan. Other statistics show that more than 97% of all FHA loans went to people with scores above 620. Just because you qualify doesnât mean youâll be approved, but if you exceed that 620 number, your chances are quite good.