When it comes to purchasing power, the three most important factors are your income, debts and down payment. Any one of these can greatly impact the amount of mortgage you qualify for. Lenders are primarily concerned that housing expenses not exceed a certain percentage (28% - 32%) of the homeowner's gross monthly income. Housing expenses include monthly mortgage principal, interest payments, property taxes, condo fees, utilities and homeowner’s insurance.

Here's some solutions to some common debt and down payment problems:


  • Consolidate your debts by taking out one loan and paying off your bills with the money.
  • Pay off long-term debts by using some of your cash and making a lower down payment.
  • Pay off long-term debt by selling…

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