This situation is all too common... It’s SO important for all of us to know the difference between being able to barely make the payments on a home and being able to afford the home. Ramsey guidelines for home affordability are that the payment should be no more than 25% of your take-home pay on a 15-year, fixed-rate mortgage. We recommend putting no less than 5% down if you’re a first-time homebuyer. A 20% down payment is ideal to avoid having that added PMI payment each month. PMI = private mo