What do I need to qualify for a mortgage?Įxact mortgage qualifications vary by program and lender. Use Credible’s monthly payment calculator below to see how much home you can afford: And, of course, don’t forget the savings you’ll need for your down payment and closing costs. You’ll also want to factor in things like insurance, maintenance, HOA dues, and other fees that come with buying a home. Experts generally recommend spending no more than 30% of your monthly income on housing, so tally up your earnings and work backward. Properly estimating your budget is critical if you want to ensure you can afford your home. Learn More: How to Buy a House: Step-by-Step Guide How much home can I afford? These conditions all lend themselves to a more successful - and affordable - home purchase. Are in a steady job or have other stable income.Are clear on where you want to live for the next few years.Generally, it’s a good time to buy if your finances are healthy and you’re in a relatively steady place in life. The best time to buy a house will vary from person to person. See: What You Need to Know About Working With a Mortgage Broker Frequently Asked Questions Is now a good time to buy a home?
