How Much Mortgage Can I Qualify For?

Credit History Matters

It’s up to your lender to determine how much mortgage you can qualify for, and there are many factors that determine the specific answer for each situation. Primary among them is your credit score.


FHA loans often qualify borrowers whose credit scores are above 580, a realistic number for many first-time homebuyers. FHA loans are insured by the Federal Housing Administration and are designed for low-to-moderate income ranges. You will likely be approved for a higher mortgage amount and lower interest rate and fees the better your credit score is. Many lenders look for a 670+ score to qualify borrowers for a conventional mortgage.

Going Beyond Your Credit Score

Even if your credit score isn’t where you’d like, don’t be discouraged. M&T provides programs that can help qualify borrowers with credit histories that are imperfect or not lengthy. In addition to your credit score, lenders look at factors such as your savings, income, and debt. This is why it’s smart to give yourself time before you buy to get your finances in order and increase your savings. Those savings will help you qualify for a better mortgage and be available when you need them for your downpayment and closing costs.

Get Pre-Approved

Getting pre-approved for a mortgage is a great way to know exactly how much you can qualify for. 

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First-Time Homebuyers

Buying your first home is an exciting time, filled with dreams, possibilities, and questions. Take advantage of programs and information designed for first-time homebuyers like you.

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