I like to ask a slightly different question when folks come to me for a loan - what loan size is comfortable for you to manage, given your other financial obligations?

Put simply - how much can you afford to take on as debt? Yes, you can have a broker/banker/lender take a loan application, and the automated underwriting system will take into account you and your possible loans' specific details and then tell you if you are approved at a certain loan amount, but that's NOT the same as telling you what you can afford.

I like customers who know what they wish to spend monthly on a home loan and understand all the costs associated with owning a home.

Educate yourself by visiting the following websites and using their calculators and reading the articles they provide on loans: http://www.bankrate.com, cnn's site cgi.money.cnn.com are good places to start.

If you live in the country, you might qualify for a USDA rural loan - these are great programs for those eligible for them. you can read more about them at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

Good luck!
Diane

The first step is to find a reputable mortgage broker, banker or lender. They will ask you a series of questions about your income, debts and expenses. Once they have that information they can determine what financing programs you qualify for, discuss monthly payment amounts and loan amounts.

Brandi Nelson, Realtor
Century 21 Signature Real Estate
306 S 16th Street, Ames, Iowa http://www.hill-nelson.com
515-291-0914
Licensed Realtor in Iowa