Straight Talk About Real Estate

If you have good credit, a FICO score of over 720, you can qualify for just about any loan amount you want. But just because you qualify doesn’t mean you should get that loan.

With good credit, a lender would allow your housing payment to be 40% or even 50% of your gross monthly income. There’s not much money left at the end of the month after you make your housing payment. In order to avoid eating beans every night, you should borrow less than you qualify for. So adjust your loan amount according to your payment instead of asking the lender to qualify you for as much as possible.