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PREPARE |
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Questions to Ask Yourself |
Are you sure you want to buy a house?
Do you have a steady income and stable employment?
Do you anticipate remaining in the same geographic location for the next year or two?
Have you created a budget so you know how much more you can realistically afford to pay for housing?
Do you have an established credit report or can you build a non-traditional credit history with records of payments to previous landlords, utility companies, cable television companies, and insurance companies? If so, is your credit profile favorable? Do you pay your bills on time?
Do you have enough money saved up for a down payment and closing costs? If not, can you enlist the aid of relatives or government and non-profit agencies that might give you or loan you the money?
Have you been pre-qualified by a lender so you know how much you can borrow based on your income and existing debt?
Is your existing debt low enough so that it will not limit your ability to qualify for a mortgage? If not, can you pay down your debt before you attempt to buy a house?
Have you looked into the benefits and requirements of the numerous mortgage programs that are available to low- and moderate-income home buyers?
Summary
Owning a home involves both advantages and obligations. That's why it is important to take a realistic look at whether homeownership is right for you. By analyzing your current expenses and comparing them to the upfront and ongoing costs of a home purchase, you can determine whether you can afford to buy a house at the present time.
Buying More Home for Your Money |
Deciding What You Want 
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