Guru Q&A: Can I Afford My Dream Home?

FiLife User Question: I want to get a house for $240k in Sugarland, TX. My income for the last year was $43k, the previous year $18k, and this year $46k. I recieved a raise, so between now and next year I plan to be making $50-55k. I have car loan at $9k. My student loan is not in repayment until June of next year at $33k. I recently was approved for a FHA at $90k, but my dream home is $240k. Assuming it’s still on the market in 3 - 5 months because many homes aren’t selling, how do I qualify f