How Much Should You Really Spend on a House?
At the familiar, treacherous hour of 3 a.m., I wake up in a cold sweat, my heart galloping in my chest. I drink some water and take half an Ambien. Then I turn to a sacred document that comforts me in uncertain times. I’ve read it so often, I can practically recite it from memory: “No more than 28 percent of the borrower’s gross monthly income should be spent on housing costs,” says the article from Rocket Mortgage.