There are several major areas regarding money that you need to examine before starting the homebuying process. These areas will determine exactly how much you can afford to pay each month for your mortgage, principal, interest, real estate taxes, and homeowner’s insurance.  Your buying power ultimately depends upon two things: how much you have available for the down payment and closing costs and how much a financial institution will lend to you.

The standard down payment for a conventional mortgage is 20%. However, there are options available that can significantly reduce or eliminate this requirement.  First Flight’s 80/20 loan, for example, can reduce the amount of your down payment. If all other factors are in line, such as your credit history and job security, you can acquire a mortgage with no money down.

How much home can I afford?
Estimate how much you can afford based on your financial situation.