First Time home buyer, 25%, 28/36 and alike rules don’t seem reasonable in 2026 markets
I know everything is just a rule of thumb and different specifics can change person to person, but some of these rules don’t make sense to me- OR they conflict with each other. One rule knocks out a price range because my net is too low, but then others say I can afford $150k higher because of my gross. Everything feels like fake money.
I have 0 debts, planning on up to $175k down with plenty left on a $5300 net, and some of these rules say I can only afford the mortgage on a $325k house. I can almost buy that house outright. Next, I talk with lenders and they tell me I can be approved for somewhere in the $600k range, which is totally unrealistic for me when I write up a budget.
I’ve worked hard, but have also been very blessed to be in the position I’m in now with the opportunities that I know I have (even if I don’t fully understand or see them), but nothing makes sense so I can’t even figure out where to begin. It’s so frustrating.