But Can You Afford It?™ | Florida Home Affordability With Tanesha Tomlinson
But Can You Afford It?™ is my home-affordability series, where real homes and real-life scenarios are used to explain mortgage payments, cash to close, taxes, insurance, HOA fees, CDD fees, financing options, and the numbers buyers should understand before making an offer.
Start with the tool below for an educational, illustrative estimate based on what you enter — no credit pull, no application, no pressure, and no lending decision — then read the breakdowns and featured episodes underneath it.
How Much House Can You Really Afford?
Affordability is not one number. It's the relationship between your qualifying income, your monthly debts, the payment the property actually carries, and how much cash you can bring to closing without emptying your savings.
A lender reviews income differently than most buyers calculate it, especially with bonus, overtime, commission, or self-employment income. That's why I look at the file before you shop, not after you fall in love with a house.
Your housing payment is principal and interest plus property taxes, homeowners insurance, mortgage insurance when it applies, and HOA or CDD amounts where the community has them.
Two homes at the same price can carry very different payments once those property-level costs are added. That's why the property matters as much as the loan.
Down payment and cash to close are not the same thing. Cash to close generally includes your down payment plus closing costs, prepaid items, and escrow deposits — then any documented credits are subtracted.
I show these separately, because a single blended percentage hides the part buyers get surprised by.
Income documentation, credit changes, new monthly debts, large deposits, employment changes, and property-level issues can all change a file after an initial review.
Pre-approved for a price does not always mean approved for a specific property. Condo approval status, insurance availability, and appraisal results all matter.
What Happens When Taxes or Insurance Are Higher Than Expected?
In Florida, a homeowners insurance quote driven by roof age, location, or construction type can move the escrowed payment enough to affect qualification. Property taxes can also be reassessed after a sale.
Getting real numbers for the specific property early keeps the payment estimate honest.
A seller credit can reduce the cash you bring to closing or fund a rate buydown that lowers the monthly payment. The allowed amount depends on the loan program, occupancy, and down payment, and concessions generally cannot be used for down payment.
Because this is negotiated in the contract, it should be structured before the offer is written.
HOA dues are included in the housing payment used for qualifying, so higher dues generally reduce the purchase price the same income can support. Many Central Florida communities also carry a CDD assessment on top of property taxes.
Ask for both numbers before making an offer in a newer community.
Advertised builder pricing usually reflects the base plan. Lot premium, structural options, and cosmetic upgrades come before financing, and taxes, insurance, HOA, and CDD land on top of the payment.
A builder's preferred-lender incentive can be valuable, but it should be compared as a total structure: payment, credits, fees, and what the incentive requires.
Each episode takes a real or representative property, breaks down the numbers, and explains what a buyer may need — down payment, cash to close, taxes, insurance, HOA, CDD, mortgage insurance, seller concessions, and builder incentives. Every breakdown is written out so it's useful whether or not you watch the video.
How Much Cash Do You Actually Need to Close?
Scenario: down payment vs. total cash to close
The down payment is only one line of what a buyer brings to closing. This breakdown separates down payment from closing costs, prepaid items, and escrow deposits so the total stops being a surprise.
Down payment shown separately from closing and prepaid costs
No single universal closing-cost percentage is applied to every scenario
Takeaway: Plan for down payment plus closing costs plus prepaids and escrows — then subtract only credits you can document.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Same Purchase Price, Completely Different Mortgage Payment
Scenario: two homes at the same price
Two properties listed at the same number can carry very different monthly payments once property taxes, homeowners insurance, HOA dues, CDD fees, and mortgage insurance are added to principal and interest.
Identical purchase price and loan amount
Property-level differences in taxes, insurance, HOA, and CDD
Takeaway: Price does not determine affordability — the full payment structure does. Always price the property, not just the loan.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
How Much Income Do You Need for This House?
Scenario: qualifying income vs. take-home pay
A pre-approval is only as good as the income calculation behind it—and this is where a lot of files can go wrong. Bonus, overtime, commission, self-employment, and recently changed pay all have to be reviewed against the applicable guidelines, using documentation, history, year-to-date earnings, and income trends.
Qualifying income reviewed by document type
Debt-to-income ratio used as an illustrative modeling assumption only
Takeaway: I analyze your income the way I expect underwriting to review it—before I call you pre-approved. Final approval remains subject to complete documentation, applicable guidelines, verification, and property eligibility.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
What Happens if the Seller Gives You Money Toward Closing Costs?
Scenario: seller concession applied to closing costs
Seller concessions can reduce the cash a buyer brings to closing, or fund a rate buydown — but the amount allowed depends on the loan program, occupancy, and down payment.
Concession limits vary by loan program and transaction
Concessions cannot generally be used for down payment
Takeaway: A concession is a financing tool with rules. Structure it before the contract is written, not after.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
What Does an HOA Payment Do to Your Buying Power?
Scenario: monthly HOA added to the housing payment
HOA dues are counted in the housing payment used for qualifying, so the same income can support a smaller loan when dues are high.
HOA dues included in the qualifying housing payment
Takeaway: Higher HOA dues generally reduce the purchase price a buyer can support at the same income.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
What Does a CDD Fee Do to the Real Monthly Payment?
Scenario: Central Florida community with a CDD
Many Central Florida communities carry a CDD assessment in addition to property taxes and HOA dues. It affects the real monthly cost and the qualifying payment.
CDD assessment shown separately from property taxes and HOA
Takeaway: Ask for the CDD amount before making an offer in a newer community — it changes the payment math.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
How Homeowners Insurance Can Change Whether You Can Afford the House
Scenario: insurance quote higher than the estimate
In Florida, an insurance quote driven by roof age, location, or construction type can move the escrowed payment enough to affect qualification.
Insurance treated as a property-specific number, not a flat estimate
Takeaway: Get a real insurance quote early. A higher premium can shrink the payment room a buyer has.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Pre-Approved for the Price Doesn't Always Mean Approved for the Property
Scenario: approved buyer, problem property
A buyer can be reviewed and still run into property-level financing issues — condo approval status, insurance availability, appraisal, or occupancy considerations.
Property-level review in addition to borrower review
Takeaway: The borrower and the property both have to work. I review the property before an offer whenever possible.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
How Student Loans Can Change Your Buying Power
Scenario: deferred and income-driven student loan payments
Student loan payments are counted differently across loan programs, including how deferred or income-driven plans are treated in the debt-to-income calculation.
Student loan treatment varies by loan program
Takeaway: The same student loan balance can produce different qualifying results depending on the program used.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
How a Car Payment Can Reduce the House You Can Afford
Scenario: adding a monthly vehicle payment
Monthly debt payments compete directly with the housing payment in the debt-to-income calculation, so a new vehicle payment can reduce purchasing power meaningfully.
Debt-to-income used as an illustrative modeling assumption only
Takeaway: Before financing a vehicle, look at what it does to the home payment you can support.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Can You Afford the House and Still Have Money Left After Closing?
Scenario: reserves and post-closing cash
Putting every available dollar into the down payment can leave a new homeowner without reserves for moving costs, repairs, and the first insurance or tax adjustments.
Reserve requirements vary by loan program and file
Takeaway: A stronger structure often means slightly less down and cash left in the bank after closing.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Could FHA Work Here, or Would Conventional Make More Sense?
Scenario: FHA vs. conventional on the same property
Down payment, mortgage insurance structure, credit profile, and property type all influence which program fits a specific purchase.
Program comparison based on the same purchase price and property
Takeaway: The better program is the one that fits the borrower and the property — not the one with the lowest headline down payment.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Featured episodes are published on YouTube and embedded here.
But Can You Afford It?™ — Builder Edition
New Construction: What the Advertised Price Doesn't Show
Builder Edition episodes break down base price, lot premium, structural and cosmetic upgrades, HOA, CDD, property taxes, homeowners insurance, builder lender incentives, closing-cost credits, rate incentives, estimated cash to close, and the estimated monthly payment. Advertised builder pricing may not reflect the final monthly cost.
Builder Says One Price — But What Is the Real Payment?
Scenario: advertised base price vs. delivered cost
Advertised new-construction pricing usually reflects the base plan. Lot premium, structural options, and cosmetic upgrades are added before financing is even discussed, and taxes, insurance, HOA, and CDD land on top of the payment.
Base price, lot premium, structural upgrades, and cosmetic upgrades reviewed separately
Property taxes, homeowners insurance, HOA, and CDD added to principal and interest
Takeaway: Price the finished home and the full payment before signing — not the advertised base number.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Builder Incentive vs. Outside Lender — Compare the Numbers
Scenario: preferred-lender incentive compared side by side
A builder's preferred-lender incentive can be valuable, but the comparison only makes sense when the total cost is reviewed: payment, credits, fees, and what the incentive requires.
Same purchase price and property compared across financing options
Takeaway: Compare the whole structure, not the headline credit. Buyers are generally allowed to shop financing.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Should the Builder Credit Go Toward Closing Costs or a Rate Buydown?
Scenario: allocating a builder closing-cost credit
The same credit can be applied to closing costs to reduce cash to close, or to a rate buydown to reduce the monthly payment. Which is better depends on the buyer's cash position and how long they expect to keep the loan.
Credit limits vary by loan program and transaction
Takeaway: Decide based on your cash and your timeline — there is no single right answer.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
New Construction Cash to Close — Deposits, Upgrades, and Timing
Scenario: deposits paid during the build
Deposits and upgrade payments made during construction affect the cash still owed at closing, and long build timelines can affect financing decisions along the way.
Deposits already paid credited toward estimated cash to close
Takeaway: Track every deposit and upgrade payment — they change the final cash-to-close picture.
Educational example only. Figures are illustrative assumptions, not a quote, pre-approval, or commitment to lend. Taxes, insurance, HOA, CDD, mortgage insurance, rates, and credits vary by property, borrower, and loan program.
Featured episodes are published on YouTube and embedded here.
Tanesha Tomlinson · Mortgage Loan Advisor | Realtor® · Hometown Financial Group, LLC DBA Modus Mortgage · NMLS #1540854 · Company NMLS #1028232 · 140 S. Arthur St. #600, Spokane, WA 99202 · United Realty Group · FL Real Estate License SL3524613
Information and tools on this website are educational only and should not be considered individualized financial, legal, or tax advice. Estimates are not a pre-approval, loan approval, or commitment to lend. Mortgage approval, rates, APRs, payments, taxes, insurance, closing costs, and loan terms are subject to borrower qualifications, property information, applicable loan-program requirements, and underwriting. This website disclaimer does not replace Modus Mortgage's official disclosures.
