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First Time home buyer question

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First Time home buyer question

From the great advice this board has given im finally working on buying a house im actually going to do a renovation loan.  Ive been pre-approved for 350k i am a single man with a teenage son i dont intend on paying that much for a house. I currently pay 700 for rent conventional wisdom say's pay 25% of your take home pay which for me is 1500. How did you decide the price range to buy a home in? Thank you for your input and insight.

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Super Contributor

Re: First Time home buyer question

give your lender a figure..... what you would be comfortable paying monthly.

tell them how much you have for down payment and they can use that data to back into a sales price that will keep you at or below your number.



Retired Lender
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