Don't fall prey to banks tempting you with a low down-payment mortgage

http://www.msn.com/en-us/money/realestate/dont-fall-prey-to-banks-tempting-you-with-a-low-down-payment-mortgage/ar-AAiuqeC

The low interest rates are great and the low down payments are ok as long as you don't overextend yourself to an unsustainable monthly payment. You should probably stay well below your max pre approval amount to ensure you are not spread too thin!

Meanwhile, the monthly payment for your total debt, including credit cards and student loans, should not exceed 36 percent of your gross monthly income. This figure is known as the "back-end ratio."

Some banks are willing to offer mortgages to first-time borrowers who fall into that category — and, in some cases, whose debt repayments exceed 43 percent of their gross income.