Home buyers : what was your preapproval amount?
I’ve heard the amount of their preapproval is ridiculously high. More than what anyone should be able to afford. But what numbers are they?
Given a household income, a good credit score, and negating any sort of debt obligations, what (ball park general/rough) amount is the preapproval for? And yes I know the general “rule” that you “should” stay under 35% of gross income, but I’m looking for what banks will approve you for, roughly.
I.e. a $300k household will be approved for 3x, 5x, or..?