Notice the title doesn’t say “How much CAN you spend…?”
The first step in the home buying process is to get a mortgage pre-approval.
Read this... Keep in mind mortgage pre-qualification and pre-approval are light years apart.
So, how much CAN you spend? The easy answer could be as much as you are pre-approved for by your lender.
The real answer, in my opinion, is the amount required to find a suitable home, with payments (including association fees, insurance, taxes) within your budget. [And lets not forget the other homeowner expenses - utilities and upkeep/maintenance.]
A lesson many of us learn through experience is this... there is more to living than making a mortgage payment. This is a lesson that can be applied to any other major purchase including automobiles.
Need a referral to a local mortgage lender in Brevard County, Florida? Just ask and I will forward a few contacts with banks, credit unions and mortgage brokers.
Ready to buy a home in Brevard County, Florida? Call or send me an email if I can assist in any way.