Your credit score isn't really factored into what you can afford - it's mainly used as a qualifying factor. Your income, the ratio of your current debt to that income, the amount of your down payment, and the taxes will play the most important factors in determining the total amount you will qualify for. You should sit down with a mortgage professional who will review your finances, run the numbers, and determine what you qualify to borrow.
Additionally, and more importantly, you'll want to run the numbers yourselves and determine what you can confortably afford based on your situation. What a mortgage professional advises you qualify for - might not be what you can actually afford to pay when you factor in all the other expenses of owning a home.
Hope that helps!
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You should really only borrow what you can pay back each month comfortably.
So say the bank will loan you 175K and the payment is around 1625.00 a month with taxes and insuracne and principal. Now say you want to only pay 1450.00 a month then you need to ask the lender to do a montly estimate at 150K for a loan.
This way you know how much to borrow, by deciding on how much you can afford a month and still have your rainy day fund.
Plus you will need some money to put down, either 3.5 or 5% for the down payment and then the closing cost. Also the inspection money 300-500 est, earnest money 1000.00 est, and apparsial money 500 est.