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Budget/Plan to Buy

Budget/Plan to Buy

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How Much House is Enough?

The best first step

The best first step

Before looking at Real Estate Ads or visiting Open Houses, take the best first step – review your budget carefully. Determine what you can afford as a monthly mortgage payment.

This is your home

This is your home

Don’t focus on what your friends paid for their home or how large their home is. This is your home. You will be making the mortgage payments not your friends, family members, co-workers, real estate agent or lender. Don’t be pressured to buy a home above your budget.

Consider other home expenses

Consider other home expenses

You will have additional monthly expenses for your home. Real estate taxes, homeowner’s insurance, or HOA (Home Owner’s Association) fees. You also need to plan for maintenance expenses. Things break and wear out over time. Keep a savings account and budget monthly for future home maintenance.

Complete a Budget Worksheet

Complete a Budget Worksheet

It’s a worthwhile exercise to complete our Budget Worksheet below. Lenders use gross earnings to qualify you for a mortgage loan, but you don’t pay your bills with your gross pay. You pay your monthly bills from your net pay. This is actual income deposited to your checking account. An accurate monthly budget may keep you out of debt.

Don’t be mortgage poor

Don’t be mortgage poor

Leave room in your budget for investments and for your retirement. Remember the saying, "don’t be mortgage poor". It’s also wise to have money for entertainment, travel and recreation. Manage your home expenses or your home expenses may manage your lifestyle.


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FHA Loan Credit Score: What’s the Real Minimum?

Having a low credit score shouldn’t be a reason to give up on your dream of home ownership. In fact, an FHA loan can be a great option when credit score requirements are an issue. Before you commit, you’ll want to know what the real FHA loan credit score requirement is, if you qualify with… The post FHA Loan Credit Score: What’s the Real Minimum? appeared first on LendingTree.   Read More...


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