I am fascinated that the news continues to report on "everything you need to feed bad about regarding buying or selling a home".  Wouldn't it be great if there was a news station that actually had upbeat news stories.  Not fluff but real world good news.  There is a bunch of it out there, especially when it comes to buying or selling a home.  There are more people buying homes today as First Time Buyers than ever and they are getting good loans from great lenders and they are actually qualifying under real rules.  That is something to celebrate.  One question Long Beach buyers ask me constantly, and I know it's the same everywhere, how do I know how much I can qualify to buy.  I tell everybody the same thing, don't start looking for a home until you have met with a lender and discussed your current credit report, your buying power and know exactly what you will qualify to buy.  The cardinal rule when you start the process to buy is to stop spending!  On anything other essentials.  Don't charge anything else on any credit cards until the transaction is closed.  Every purchase can affect your credit score and ability to qualify.  Be sure to work with the lender to get your credit report in great shape before you start searching.  You don't want a disappointment or a frustrated effort and that's exactly what you will get if you don't have your lender relationship locked up before you go shopping.  And don't forget continue to pay everything on time.   Here's the bottom line: Obtain your preapproval from a reputable lender (your Realtor can probably recommend several that work in your local area), leave your existing credit lines in place, and refrain from shopping for all but essential items until your transaction closes.  Sellers will feel much better about your offer if you have a strong Approval letter from a lender with a good reputation - somebody they have heard of so they don't worry about how real it is.  How simple is that - and what great news!  And get a lender, get qualified, and call me.