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This is one of the biggest questions people face when considering purchasing a home. Lenders frequently approve a home loan far above what people are realistically able to purchase. This can leave you house poor and really strapped for cash. This is mostly due to the fact that lender approvals and limits are based upon your gross income and do not account for income tax with holdings, health insurance and retirement savings – all things that come out of your paycheck before it hits your bank account.

What do you need to consider?  In order to maintain a healthy budget, your mortgage, property taxes and home owners insurance should account for no more than 25%-30% of your take-home pay. These numbers will vary depending on a few key pieces of…

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