However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? 😛
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.
