This can be hard, especially when you have a variable income, but always better to err on the conservative side. Nobody needs the stress of scrounging for a payment. A basic rule of thumb is to look for houses 2.5 times more than your annual income. Ideally, your mortgage payment should be under 28% of your monthly income. There are plenty of mortgage calculators out there to help you crunch the numbers.
Gather the Documents
This is a tedious but important step. Gather a couple years worth of tax returns, print out your checking and savings statements, pay stubs and proof of employment history (like W-2s) and any other investment paper work. You need to prove that you’re reliable and can handle the financial burden.
Know Your Credit Score
Do you know your credit score? Those three numbers make a big impact on how lenders view you. Knowing your current credit score ensures they’ll be no surprises and you can deal with any unsightly marks that may have been in error.
Get Rid of Debt and Save
Nowthatyouknowyourcreditscore,whynotpayoffsomedebt?Haveacarthat’salmostowned,finish offthosepayments.Don’tmakeanylargepurchaseoncreditnearthetimeoforduringthehomesearch and purchase, it will hurt you.SAVE!A20%downpaymentisthestandardandcomeswiththeextrabenefitofnotneedingtopurchase mortgage insurance. (Yes, there is in fact insurance for everything!)
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