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What First-Time Homebuyers Should Compromise on – And When They Should Stay Firm

As much as we’d all like to get everything we want when we buy our first home, that might be unrealistic. You’ll likely have to make some decisions about what parts of the homebuying equation are the most important to you.

Do you want a one or two-car garage? Should your home be one or two stories? Would you prefer two bedrooms or three? These are all choices you may have to make. And in some cases, you may have to compromise on what you want to get what you need.

But one area where you shouldn’t compromise is on how much you want to spend, according to Ralph DiBugnara, a regional vice president at New American Funding. He is based in Edgewater, N.J.

“When you’re buying your first home, what I think you should never compromise is your budget,” said DiBugnara. “Have a payment that you’re comfortable with. Use that payment as a bar for the home you’re buying and don’t bid above it, no matter how much you love the house.”

Ralph DiBugnara NMLS # 19269