Morgage Payment Question - Convincing the bank I can pay more
Many of the house calculator sites online say that based on my income I only qualify for a $700 morgage, giving me about $150k for a custom built house. While I'm still working out house costs/plans, I'd like to be able to qualify for around $300k or more (approx. cost of the house will likely be around $250k, but I'd like to have some extra just in case I go over budget).
I'm currently paying off the land (which is just under $700 a month). However, most months I find that I'm able to make payments around $2k after expenses. How do I get the bank to see that I can comfortably make a larger payment? Even $1500 a month would give me a significantly larger loan.