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Step 2: Find Out How Much You Can Afford

Many financial factors apply when you consider owning a home. Here are a few questions to ask yourself and your lender. You can find the answers in several pages on this site.

1. How much can I afford?
How big of a mortgage may I qualify for? See Qualifying for a Mortgage .
What would my monthly payments be? See our calculator.
What do houses cost in the neighborhood where I want to live, and how would the payments compare to renting there? See Owning vs. Renting.
What is my budget? Download a sample budget (MXL) or the same sample budget (PDF).

7 Steps

Step 1: Choose a Lender First

Step 2: Find Out How Much You Can Afford

Step 3: Understand Your Loan Options

Step 4: What do you need or want in a home?

Step 5: Submit the Loan Application

Step 6: Closing

Step 7: Being a Homeowner

2. What types of assistance are available for me? Could I qualify for government assistance programs? What is Habitat for Humanity? See Special Programs .

3. What about repossessed homes? Would they be an option? See Step 4: What do you need or want in a home?

4. How is my credit?

  • What is credit?
  • How do I check my credit score?
  • If it isn't so great, how can I improve it?
  • Can I own a home while improving my credit?
  • Will my credit affect the loan amount I'm eligible for? The interest rate?

5. What other money topics will lenders want to cover? See Qualifying for a Mortgage .

  • Income and expenses
  • Down payment
  • Borrower history
  • Closing cost
  • Employment History

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