This is a very tricky area! There are a lot of things to think about before you talk to a lender.
If you're not living with family members, you're probably renting an apartment somewhere in the Albuquerque area. Are you comfortably handling the monthly rent?
If yes, then you have an idea of how much house payment you can afford.
Does the rent you pay include utilities?
If yes, you'll need to find out how much utilities will be a month and add that to your monthly housing budget. If no, and you're paying the utilities along with rent - are you comfortable with what you're monthly expense is? Utilities on a home probably won't be lower.
OK, you know what you're comfortable with payout out a month. Have you saved any money for a down payment? Perhaps your family is going to help you with this?
Typically 3-5% of the property price is required for a down payment. If you don't have the funds, a first-time home buyer down payment assistance program may be available to you. But if not - or if you don't qualify for one of these programs, you may need to save up for that down payment.
You need to meet with a REALTOR® who is a buyer specialist...and ideally, a first-time buyer specialist...before you start looking at homes. The REALTOR® will advise you on what information to take to a qualified lender.
The REALTOR® and lender are critical in your buying the Albuquerque home of your dreams.
Start the path to your dream home on the right foot...get pre-approved for your home loan.