How Much Can You Afford?

Deciding how much house you can afford is a big decision and depends on several factors. Here are a few key questions to consider:

• How much can I borrow?
• How much can I put toward my down payment?
• What size monthly payment can I comfortably afford?

These are personal decisions that vary based on your finances and goals. Let’s break it down:

How Large a Down Payment Can I Make?

Many buyers think their down payment has to come entirely from their savings—but that’s not the case! There are several ways to fund your down payment, including:

• Gifts from family members: Parents or grandparents may be willing to gift you money for your down payment.
• Down payment assistance programs: There are non-profit programs that can help.
• Equity from selling your home: If you’re selling a home, the equity you’ve built can go toward your next down payment.

We can also help you explore options like low down payment programs or 100% financing to find the best fit for you.

What Size Monthly Payment Can I Afford?

When figuring out what you can afford for a monthly mortgage payment, it's important to think about your entire budget. Consider both:

• Tangible expenses: Things like car payments, daycare, utilities, and other monthly bills.
• Lifestyle expenses: How much do you spend on dining out, travel, and entertainment? Are you willing to cut back on some of these to afford a larger payment?

We'll help you figure out a monthly payment that works for your lifestyle and financial situation.

How Much Can I Borrow?

Before you start house hunting, it’s important to know how much you can borrow. This depends on your down payment, monthly payment, and loan options. We offer mortgage calculators to show how these elements are connected and help you determine the right loan amount for your situation.

The best way to get started is by getting pre-qualified for a mortgage. This will give you a clear picture of your budget and allow us to guide you toward the best loan options.

Ready to get started? Simply fill out the form below to let us know a good time to contact you. We’re excited to help you on your journey to homeownership!