First, Are you READY to Buy?
Four Big Questions:
If you answer “YES” to the following questions, you are probably ready to buy a home:
1. Do you have a steady, reliable income?
In other words, have you been employed on a regular basis for the last 2
years and do you expect to maintain employment?
2. Do you have a good record of paying your bills?
Have you made regular, on-time payments? If not, read on; there is still
3. Do you have money saved up for a down payment and closing
Many home buyers think that a down payment of 20% is needed.
IT’S NOT. Many loans exist today that allow buyers to put down 10%
to as little as 3.5% on the purchase of a home. So, don’t give up just
because you cannot come up with 20% down.
4. Do you have the ability each month to pay the mortgage as
as well as additional costs that go along with home ownership,
such as taxes, insurance, and maintenance?