When you buy a drill bit set, it most likely will come in a storage case. This case will help you figure out which size bit you need to use. When drilling holes for a pilot or lead hole for a nail, find which slot in the bit case the nail will fit in. The next size down is the bit you should choose. When drilling a pilot hole for a screw, you need to choose two bits. One for the starter hole and one for the pilot hole. Find which slot in your bit storage case the screw will fit in. That is the size of bit you should use for the pilot hole. For the starter hold, use the next smaller sized bit.
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.