Use your present budget.
Take what you are presently paying for rent and add 25%; this allows for the intrest tax deduction to for the IRS.
You have bills and a lifestyle; possibly including pizza, DVDs, Clothing, Food, etc.
This assumes that you will not change your Lifestyle when you get your house; which you should!
Besides credit and savigs there is a simple " debt to income "
ratio you can use to get a rough idea.of a Banker's view!
But what you can "afford " is on you! Simple test: How flexible
would you be on your rental costs?
The lesser of the two numbers is what is realistic for you.
Contact me for more information or leder contacts! The
link below will be helpful!
Bob Brubaker Highlight Realty Palm Beach County Fl.
Residential Mortgage Acceptance Corp.
I would recommend contacting a lender to get a pre approval for a loan. They will evaluate your income, your expenses, etc to give you an exact number of what it is you can afford.
If you need a list of lenders, please feel free to contact me.
Sandra Gold - Realtor
Marc Fardink, C.F.S.
Certified Financing Specialist
EXIT Realty Premier