Is this normal? Approved for more than my budget

A lender approves the most it thinks you can repay; only you know what still leaves room for the rest of your life. Known¹

Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income. Lenders use it to judge whether you can manage a new payment, and each loan and lender sets its own limit. Known²

• Approved for more? Keep your own target.
• Approved for less? Ask what limited it: income, debts or credit.
• Tell your agent your ceiling so you only see homes you'd buy. Known¹

• Add up your take-home pay and your monthly bills.
• Choose a full housing payment you'd be at ease with: loan, tax, insurance, HOA and mortgage insurance.
• Plan for upkeep on top: it isn't part of the payment. Known^1,3

New owners spent a median 1.5% of their home's value a year on upkeep in the Census Bureau's 2021 survey; long-time owners spent 0.6%. Known³