Your loan approval amount will be largely based on your income. Unless you are adding cash (in addition to your down-payment) to the purchase that amount, along with factors of the market you are shopping in, will determine the homes available to you. We want to shop with intent, so it is important you understand (with our guidance) where the market is in terms of pricing and availability.
There are other strategies surrounding Real Estate Investing that could allow you to add additional income to your loan application if you are interested in going that route. This process would involve becoming a landlord by purchasing a Multi Family Property.
You/Your family would occupy one unit and you’d rent out the other lenders would consider that income in addition to your employment income which would increase your buying power. The upside is those rents charged to your tenants will offset your mortgage payments and could potentially cover the entire amount.
If you are realistic about your expectations we can be successful in helping you reach your Real Estate goals. Our mission is to educate and serve, we are ready if you are!