1) The target price of your home should be 2 to 3 times, or approxiimately 27% of your monthly gross income can go to support a monthly payment;

2) Pre-approval means actual loan approval vs. pre-qualified which means you have only been qualified but not approved;

3) No more that 28% of your gross income should go for housing;

4) No more that 36% of your total debt should go for housing;

5) Your FICA score should be at least 620 for proper approvals, and your FICA score is located on the credit report - call your local bank or lender to discuss your credit report and credit scores.