First time buyer, and nearing pre-approval.

[Anonymous]

Hey everyone!
Next week I will be getting my pre approval for my first home. In the mean time I'm just scrolling through my realtors app amd seeing what's out there in the area we want. There are plenty of homes we like, but unsure on what price range we should look for. Homes in our area goes extremely fast, i mean within 1 or 2 days in some cases. I plan on putting anywhere between 10-20k down depending on the home, if it needs updates or move in ready. My question is how much in your opinion should I look for?
Gross income is $26,880 b(efore overtime averages 6 hours every two weeks at 21 an hour)
Student loan debt $26,500
Credit card payment $79
No auto loan or any other debt
My utilization on CC is high, paying down next week and she will rescore for my rate
Current middle 581 with high CC Utilization.
Also its a FHA loan.

Any input would be helpful, I've done the 36/43 calculations, and have worked the calculator to see, it varies.
Thanks yall!

[CreditInspired]

When you get your pre-approval, it will state the maximum mortgage you qualify for. 

[JVille]

Your Lender should have been able to give you that information on Day One.... you should have some ballpark numbers. What did your lender tell you?

[homeloanexpert]

Hello FTBuyer,

As an LO, when I receive a loan application and request for a pre-approval (depending on how busy I am), it usually takes me 1-2 days to issue a pre-approval. I provide the borrower with a copy of the pre-approval, completed loan application, my fee sheet and a copy of my rate sheet. Once I issue the pre-approval, I always go over the perimeters of the loan such as closing costs,  minimum required down payment, and a warning to not make an offer at the top of the pre-approval amount without calling me first. I explain that there are variables.  Some homes are located in sub-divisions that have HOAs or have higher tax rates.

This could be a potential issue if not properly explained  upfront. In addition, we go over any potential problems and how I would be prepared to overcome them. This is what you expect from your Loan Officer. Make sure they go over all the details with you and you have a clear understanding. Don't incur anymore debt, don't move any money around without speaking with your LO first and don't go into overdraft or have any NFS's on your bank statements. Fly low and avoid the radar and you should be fine. Finally, don't be afraid to communicate with your LO! I tell all my borrowers, "I'm your Preacher! Tell me everything, I can't help you if you're hiding things from me".

Best wishes to you!