cancel
Showing results for 
Search instead for 
Did you mean: 

First Time home buyer question

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
New Contributor

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.

Message 1 of 2
1 REPLY 1
Highlighted
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
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.