Can you qualify for a mortgage to buy a home? It's a straightforward question, but often one without a simple answer. Here are some of the main considerations to answer that question for yourself.
Can you afford it?
This is the first, and biggest question. If you can't comfortably manage the monthly mortgage payments, there's no point in going any further. Notice we said comfortably - if you have to stretch to fit a mortgage in your budget, buying a home isn't for you, at least not yet. At the very least, you might consider a less-expensive property that won't stretch your budget as far.
In evaluating a mortgage application, lenders look at two budget numbers.