Most first-time buyers want their dream home right away. Often they relate to our parents' or grandmothers cozy home. We associate warm memories with those places and naturally want to duplicate the feelings.
Reality soon sets in, however.
Not to mention the payments, which are three times our take-home salary each month. The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible. There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to it's breaking point. Let's take a look at your financial situation and help you determine how much home you can afford.