Many times I hear buyers saying that they are pre-approved up to $X. They want to search up to a certain amount. If you are trying to be very financially responsible, please try a different mindset. You should not really concentrate mostly on the Listing Price. There's too many other variables that go into your monthly mortgage payment amount. When you really think about it, isn't the amount that you pay every month, the most important thing.(Especially when you are doing 100% financing).
Thing that determine your monthly payment are: (1) the loan amount, (2) the interest rate, (3) the loan term, (4) the mortgage insurance, if any, (5) the monthly taxes, (6) the monthly insurance (including flood, if needed).
In the Mississippi Gulf Coast, the insurance amount is the biggest variable. It can vary dramatically from house to house. This is something that should be on the forefront of your mind on every house that you look at. The taxes can be very different too. They could be high due to a Non-Owner Occupant, or Zero due to a Senior-Rate.
At Heart Properties, we can walk you through all of this and make sure that your monthly payment is comfortable for your income and lifestyle. We will look out for you!