As a home buyer understanding what you can buy is much more than your budget. Understanding what you can buy also includes the type of property and conditions of sale.
I am not a mortgage expert. I leave that up to the professionals who are quite capable of providing advice on qualifications and different loan programs.
However, sometimes a buyers type of loan program or lack of cash requires restrictions be placed on the specific property sought. Specifically, whether a foreclosure or auction property is a consideration.
Most foreclosure homes lack the ability to be financed. There may be roof issues, a lack of appliances, plumbing or electrical problems or whatever. There may be some unpermitted additions or code violations. This does not mean it is not possible as there are programs like FHA (203) loans (speak to your lender).
The terms of the sale may not allow for contingencies. Financing, inspection and appraisal contingencies protect the buyer (and the lender).
Sometimes it may not be the type of property but a buyer's time-line. Although not very common these days, a short sale my not be a consideration.
When you receive your mortgage pre-approval it will be for a specific amount. Of course this amount is not necessarily the "must spend" amount! It will also be for specific types of properties. The property type may be restricted such as in no manufactured or mobile homes.
The most important advice I can give prospective home buyers: Know your loan status 
(amounts, types of homes, projected costs, etc) and know your mortgage lender's contact number. If you have a question about your mortgage, ask!
Buying a home is a joint operation. Buyers, their real estate agent and mortgage lender all need to be on the same page.
Ready to move to Brevard, County, Florida? I can help you find a local lender, your next home and the moving company to help you out!
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