The fact that some loan applicants are accustomed to spending 40 percent of their monthly income on rent -- and still promptly make the payment each time -- has prompted some lenders to broaden their acceptable mortgage payment amount when considered as a percentage of the applicant's income.
Other real estate experts tell borrowers facing rejection to compensate for negative factors by saving up a larger down payment. Mortgage loans requiring little or no outside documentation often can be obtained with down payments of 25 percent or more of the purchase price. (Note: 'No-doc' loans, as they are called, are quickly becoming a thing of the past because of their contribution to the mortgage meltdown of 2006.)
Newer homes will cost less to maintain than older homes. It also depends on how well the house has been maintained over the years.