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Before you set out on a house-hunting foray, you should know what price range is realistic for you. To be considered for a mortgage, you generally have to meet two conditions before there's even a credit check. You must be able to handle the monthly payments of principal, interest, taxes and insurance (PITI) and you must have an adequate down payment. Although the criteria for these vary, you can get a rough idea of what many lenders think you can afford.

The percentage of the purchaser price you must pay in cash is the down payment. It could be almost any amount, from 3% to 10% to 20% or more, depending on the requirements of the lender and the loan program that best fits your situation.