Talk to a reputable mortgage broker or lender first to see what you qualify for. Then sit down and go over your income and expenses to determine what you can afford. Additionally, figure on having at least three to six months of reserves set aside in case your income drops or you have other unexpected expenses.

Todd Kevitch
BPO Realty LLC
Boynton Beach Foreclosures
Lake Worth Foreclosures
Delray Beach Foreclosures

Another item to consider; besides all of the wonderful advice already submitted... remember to use the mortgage calculators available on most real estate search engines. While only a portion of the monthly investment you will be making as they usually don't include taxes, insurance and HOA fees, they give you a good idea of where your upper limits of price should be in relation to what you are comfortable spending.
Also, please remember that no matter what a bank or broker tells you that you are qualified for, you should buy a home based on what you are COMFORTABLE investing PER MONTH. Always ask for a breakdown monthly instead of just the big picture of the home's price tag. This will help you make a wiser decision on the real affordability of your new home.

Halley,
If you are still out there looking for a response. One of the best places to start the process is with a mortgage professional that you feel has your best interest in mind. During the process you and this person will be sharing your personal financial situation as well as comfort levels.

This person should review with you income, debit, taxes, insurance, possible HOA (Home Owner Association) fees as well as others issues that you should be aware of to prepare you for home ownership. You will be able to discuss scenarios of monthly expenses and your threshold to ensure you have covered your entire picture. And in some cases help you imrove/repair your credit if needed.

Reach out to someone you feel will work with you through the process and not just stick you in a product to make the quick deal. Ask questions to ensure you understand what is going on and how things work. This should be your trusted advisor not just a transaction taker.

Once you find that person and work out what you can afford and your comfort zone then you will be ready to work with a real estate professional to help you find your home in Lake Worth.

If you have any questions do not hesitate to contact me.

Kind regards,
Darin

All Lenders have similar standards however some vary in what is called a Debt to Income Ratio, know in the industry as DTI, Although there are mortgage calculators online for you to input basic information, to determine what your ratios are, as stated below a through examination of your financial picture is needed to properly gauge how much a home you can afford.

Not only do you have to consider the purchase price of the home and your salary and debt, but taxes of that particular property, home owners association fee's if any, real estates taxes and Mortgage Insurance plays into the picture if your loan exceeds 80% LTV (Loan to Value). I hope this helps you some

Juan

No...not a realtor.
You need to talk to a Mortgage Broker and get pre-qualified and then pre-approved. Then you will be ready to move on and search for the house that fits your needs.
There are intricate calculations that need to be run on you based on information a Realtor would not have - such as liabilities and credit. A Bank only looks at 1/2 the picture... but a Mortgage Broker will work with you and analyze your credit, income, assets and employment to find what the best scenario is for YOU

The Realtor you work with should help you determine what is affordable, based on your needs and budget. You should take into consideration what the mortgage, taxes and insurance would be.

Start by getting pre-approved by a good lender, then decide if that fits your budget... if not, cut back to a price that fits. Then seek the advice of a skilled agent who can show you what you can get for your budget. Refine accordingly...