The number a lender will actually approve depends on three things: your income relative to your debts, your credit score, and how much cash you put down. None of those live on a mortgage calculator widget, and all of them are worth understanding before you start touring homes.

The debt-to-income math

Lenders look at your total monthly debts, including the new house payment, as a percentage of your gross monthly income. Most conventional loans cap that figure somewhere in the 43 to 45 percent range, though a strong credit score or a larger down payment can push that ceiling higher. FHA loans allow more room, sometimes into the low 50s, with the right compensating factors. This ratio sets your ceiling before the price on any listing does.

The down payment myth

Twenty percent down is not the requirement most people assume it is. A conventional loan can go as low as 3 percent down. FHA asks for 3.5 percent with a credit score of 580 or higher. VA loans, for eligible veterans and service members, and USDA loans, for eligible rural addresses (a meaningful share of Josephine and Jackson County qualifies), can go to zero percent down. Oregon also runs its own assistance programs, FirstHome and NextStep among them, along with down payment assistance that can run into the tens of thousands of dollars for qualifying buyers. The free guide linked below breaks down exactly which programs stack together and what each one requires.

Where the rate stands right now

The 30-year fixed averaged 6.76 percent in early August 2026, per Bankrate, the highest it has traded since July 2025. That rate is set nationally, not locally, and it moves the size of your monthly payment more than almost anything else in the equation. Getting pre-approved tells you the payment at today’s rate, not an estimate from six months ago.

The precise number for your situation is a conversation with a lender, not a guess from me. I can point you toward one, walk through what a given price range means for your monthly payment, and tell you plainly what that budget actually buys in Grants Pass, Merlin, or wherever you are looking. Book a Coffee Date and bring your questions.

Free guide: Down Payments and the Zero-Down Path in Grants Pass

More questions: Can people still afford to be homeowners in this economy? · Can I back out of buying a house in Oregon? · How do I make a competitive offer in this market?