The amount you may be able to borrow for a mortgage will depend on your income, current debts, the value of the home you’re purchasing, the amount of your down payment, and current mortgage rates. Generally, your monthly mortgage payment should not exceed 28 percent of your monthly pre-tax income. Monthly payments on other debts, such as car loans, school loans or credit cards, should not exceed an additional 8 percent of your monthly income. These percentages can be higher or lower depending on the type of loan you choose, but they’re a good place to start estimating.

Use a mortgage calculator to estimate how much you can borrow and what your payment will be by visiting www.BAFunding.com.

If you’re borrowing power isn’t what you thought it would be, these are a few ways you can increase it:

Reduce your debts – If possible, pay off all or most of your current debts. This will increase the maximum monthly mortgage amount for which you may qualify. If you can’t pay off all debts, perhaps you can use gift income to reduce debt.

Increase your income - Are you due for a raise? Lenders may consider the income of a pending pay raise to recalculate ratios with a written confirmation from your employer.

Increase your down payment - Explore the possibilities of state bond programs, first time buyer programs and other special loan programs that may help you with down payment and/or closing costs.

Consider other financing options - Many of today’s first-time buyer programs specialize in stretching buying power. You could also consider an adjustable rate mortgage or balloon mortgage that would normally start at a lower rate than a fixed rate mortgage. An interest-only mortgage is another popular option.

If all else fails, Find a co-borrower - Your qualifying limits may significantly change with the help of a co-borrower. Most often, co-borrowers are immediate family members, but some lenders do make exceptions.