Are you
prepared to own a home?
After studying these pages, you might
not be ready for homeownership at this time.
However, you may be able to position yourself to
buy a
home within a couple of years.
To aid you in determining whether you
are in a good position to buy a home, you might want to ask
yourself the following questions:
-
Are you sure
you want to buy a home?
-
Do you have
a permanent job and a steady income?
-
Do you see
yourself staying in the same location for the next couple of
years?
-
Have you
formed a budget that will enable you to know how much more you
can practically afford to pay for housing?
-
Do you have
an established credit history, or will you be able to create a
non-traditional credit history with records of payments to
previous landlords, utility companies, cable television
companies and insurance companies?
If so, do you have a good credit record? Do you pay your bills on time?
-
Do you have
an adequate amount of money to cover the down payment and
closing costs? If not, can you enlist the support of relatives or government
or nonprofit agencies that might provide or lend you money?
-
Have you
been “pre-qualified” by a lender so that you are aware of
how much you can borrow based on your income and existing
debt?
-
Is your
existing debt small enough that it will not limit your ability
to be eligible for a mortgage?
If not, can you lower your debt before you make an
effort to purchase a home?
-
Have you looked into the benefits and
requirements of the many mortgage products that are now
available to low –and moderate-income home buyers?
If you can answer yes to all of these
questions, you may be well on your way to buying a home! >Next>
Determine what type of home
is for you |
