What Size House or Wedding Can I Afford?

Keeping Your Spending Realistic, and Smart

Gregory Karp

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 ...

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