What Size House or Wedding Can I Afford?
Keeping Your Spending Realistic, and Smart
How Much House Can I Afford? Don’t Be “House Poor”
Buying a house is a fabulous idea and remains part of many people’s definition of living the “American Dream.”
But homeownership alone is not a panacea, especially in an era of easy lending and complicated home loans. Those recent changes have led many consumers to buy houses they simply cannot afford, which leads to the gut-wrenching process of foreclosure.
Here are some considerations when buying a home:
• Know the mortgage you can afford. The Federal Housing Administration, the government agency that helps people buy homes by guaranteeing loans, has a formula for home affordability. Mortgage principal ...