Take the annual income divided by 12, and multiply it by 46%: This would be your absolutely maximum "front end" total housing expense for an FHA loan. Now do the same monthly income and multiply it by 56%, then deduct your monthly bills that are on your credit. Then choose the lowest amount between the front and back end. The number would be the maximum monthly payment you qualify for.

Then take the monthly payment, and multiply it by 100, and the answer would be what you should qualify for. However, on a case-by-case basis you can ad up to $70,000.00 more to the previous number. Visit http://alexbaglioni.com/MortgageCalculator.html for more information

I understand that pestering a Morgage Broker is the best advice that someone can give you, but in this world, sometimes you're a little crunched for time to always speak to professionals face to face when you have questions--especially if you're just browsing. There are tons of different communities in Coral Springs that feature homes that might be in your job range, and you can easily find some of them on the web, especially at expertrealty.com. You can even run a search on certain prefences such as your desired price range, number of bedrooms, baths, et cetera. You use the internet to find all kinds of readily accessible information, why change that now? Hope this helps.

theres a few houses in the 33071 area code (really nice area in Coral Springs) that are going for less than $250,000 in gated communities

Absolutely see a professional Mortgage Broker who's been around the block a few times. If that person has been doing mortgages for some time and has managed to perserver in this market he or she is good at what they do. You don't need a pro to tell how much your income is or how much you owe. You need the pro to tell you how much you can barrow. Prequalify yourself and do yourself and everyone else a favor. No point in spending time and money searching for a home when you can't get a loan!

The most important factor is your income, and to help you determine this you should see a Mortgage Professional.

You should speak with a mortgage professional. Sometimes what you think you can afford is not what a lender is willing to loan you. A mortgage professional should be able to give you a general idea of your price range. This will save you a lot of time in your home search. You do not have to have your credit pulled for this first step. However, in order to get a formal loan commitment, you will have to pull your credit (when you have your credit pulled, do it within a short time span so as to avoid negatively impacting your score). Speak with more than one lender/mortgage broker and get a good faith estimate from each. Don't be afraid to ask the one who you feel most comfortable with if they can meet/beat the best deal if you didn't get it from them. Most are able to work with you.

You simply need to determine your budget (a range would be helpful) and exactly what it is you're looking for in terms of number of bed/bathroom(s), square footage, amenities, location, etc. Some homes for sale in Coral Springs go for less than $100,000 while other exceed $1 million.

Call Rick Thompson at 754-366-0396