If you’re asking yourself how much house you can really afford, especially in today’s high-rate, low-inventory market, you’re not alone. Wayne Turner — licensed broker, educator, and host of WayneTurnerTV.com. Wayne has helped over 4,000 families find homes, and he has strong advice for buyers navigating the real estate maze.
"There’s a difference between being qualified and being approved," Wayne says. "That’s what people need to understand before they even start looking at homes."
From credit scores and monthly payments to distressed property deals and creative financing, Wayne walks us through what really matters when it comes to finding affordable housing.
Wayne stresses that buyers should begin with a deep understanding of their finances.
"You need to know your credit report, your FICO score. Mortgage lenders pull what’s called a tri-merge credit report — Equifax, TransUnion, and Experian — so you need to see what they’re seeing."
According to Wayne, even a credit score of 600 to 620 could get you an FHA loan if you have two years of stable income and a manageable debt-to-income ratio.
"Talk to a lender. It doesn’t cost you anything. A good one will tell you where you stand — or coach you through what you need to do to get there."
And when it comes to shopping? Skip the sticker price. Focus on your monthly payment.
"It’s not so much the price, it’s the payment. What are you comfortable paying? What are you paying in rent now? That’s where we start."
Wayne is an advocate for alternative listings—especially foreclosures and short sales—as a path to affordable home ownership.
"Foreclosure.com is a great tool to start with," he says. "You can get access to pre-MLS inventory and find homes others won’t see for weeks."
He points out that many distressed homes today aren’t the horror stories people imagine.
"They’re financeable. A lot are move-in ready or just need light updates — paint, carpet, countertops. You can get them under FHA or even conventional loans."
Wayne also offers a modern take on the old "drive-for-dollars" approach:
"Drive by the homes. A lot are vacant. You can get a feel for the neighborhood, walk around the outside, see if it’s a fit."
Speaking from his home base in Louisiana, Wayne shared trends in the New Orleans housing market, which mirrors conditions seen across the country:
"I don’t think we’ll see 3–4% rates again," Wayne explains. "But even at 6.5%, buying still beats renting, where 100% of your money is gone each month."
He notes that many homeowners are locked into low rates, keeping inventory tight. Still, in some markets, homes under $300K are moving quickly, especially if they’re clean and priced right.
Wayne highlights a surprising opportunity for equity-rich but cash-strapped homeowners:
"I’ve seen it over and over. Someone has $33,000 in credit card debt, $9,000 left on a truck loan, and they’re paying $2,000 a month in payments. But they also have $25K to $65K in home equity."
By selling their current home, paying off debt at closing, and downsizing or relocating, homeowners can eliminate high monthly bills and qualify for a new mortgage, even if rates are higher.
"The key is talking to a good lender. They can do a conditional pre-approval based on using equity to eliminate debt. Your closing attorney can pay those debts directly from the sale."
It’s a strategy that’s especially helpful for people nearing retirement or looking to simplify their lives financially.
Wayne’s investing philosophy is timeless:
"You make your money when you buy. Look at foreclosures, estate sales, and fixer-uppers. That’s where the wealth starts."
If he could talk to his younger self?
"I’d tell myself: buy as many homes as you can before 34. Hold them. By 64, they’ll be paid off."
He cautions against “chasing the Jones's" and encourages buyers to live within their means. Even in a slower market, over 4 million homes were sold in 2024 — proof that the market is still active for those who understand how to work it.
While economic uncertainty lingers, Wayne remains optimistic.
"People adjust. We always do. But we need better financial education — that’s the real issue. Most people never learned this stuff in school."
He believes we’ll see improvement by late 2025 into 2026, as more homeowners unlock their equity and move into homes that better fit their lifestyles — single-story homes, better school districts, or lower-maintenance properties.
"The market is always people and houses. Focus on that. Learn from the past, make smarter decisions, and get out of the debt cycle. That’s the way forward."
Whether you're just getting started or you're ready to buy, here are resources Wayne and others recommend:
Find out how to buy a foreclosure in your area and profit off of this type of real estate listing type.
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Learn about the mortgage loan process and read tips on how to make the process easier for you.
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Find out how to buy a foreclosure in your area and profit off of this type of real estate listing type.
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