If you can’t afford the home that you want it may be because likely you don’t have enough income to qualify for that level of a mortgage or you are carrying too much debt. The amount of income that can be used to qualify for a mortgage is offset by the amount of debt that you are carrying.

There are some tricks to extend the qualification amount when you can’t afford the home that you want. If you are putting 20% or more down on the purchase of a home, it is possible to circumvent the stress test. Another trick is to introduce more income by renting. If you are living in the home, You may be able to rent out a portion of the home. If you are purchasing a second home, you may be able to qualify by renting out your existing one or the home you’re purchasing.

These are just a couple of the ways that you can approach the banks when you can’t afford the home that you want. This is why it is important to have an experienced Broker to help present the case to the bank and also to negotiate the best terms.