When deciding how much house they can afford, homebuyers should generally plan to spend an amount that is a multiple (3-3.5 times) of their annual salary or income. Moreover, the total cost obligations on housing including repayments should not exceed 45% of their gross (pre-tax) income every month and lower – around 35% – is recommended when first start looking to buy a house. Obtaining mortgage advice from reliable professionals – instead of just asking banks – look to credit unions, and mortgage Brokers as well.
Remember though, not all Mortgage brokers offer the same kinds of loans.
For instance, there is a FHA 203K Rehab loan which allows you to wrap improvements into your loan – from a new roof, to new appliances. The only thing that you cannot use the money for is to fix a foundation.
During our initial meeting we like to start with a conversation about the lifestyle you are looking for – and then we can help guide you to lenders who suit you.