WHAT PRICE HOME CAN YOU
AFFORD?
 Most
people use financing of one type or another to buy a house since
they do not have the full cash you have for the initial
investment, or down payment, plus the amount of mortgage you can
afford according to your income and debt levels.
My advice is to
speak with a lender who will "pre-qualify" you.
Pre-qualify means determining the exact price of a house you can
afford, based on the amount a lending institution will approve for
your mortgage. There are specific requirements and limitations set
by the government regarding the source of your down payment and
the amount you qualify for. Although these requirements are set to
protect you, the consumer, many times they may limit your
purchase.
For this reason it
is smart to find out all the requirements prior to shopping
for a home.
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