To Find Your Max Projected Monthly Payment take your Total Income (If two are applying then both incomes) and subtract any other monthly debt such as credit cards, car loans, loans, medical bills (no food, telephone, cable, cell or any of the consumer type expenses). Divide it by 3. Take the resulting amount. That will be Your Max Projected Monthly Payment.
Total Income [minus] Debt = Expendable Income [Divided By 3]= Max Projected Monthly Payment
Example: Total Income=5,000 Total debt = 500 Expendable income =4500 Divide 4500/3 = Max Projected Monthly Payment = 1,500
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