What are some of the myths when Buying Your 1st Home?
The idea that you need perfect credit to buy a home is outdated. Today, buying a house is easier thanks to many programs that help with initial costs. You don’t need perfect credit, but having a responsible credit profile is important.
Here are some simple steps to get started. You can also click the link above to watch a helpful video:
1. Check Your Credit: A score between 580 and 620 can help you qualify for a mortgage.
2. Look at Down Payment Options: There are several programs for first-time homebuyers, like FHA loans with a 3.5% down payment, and conventional loans with 3% or 5%. There are also down payment assistance programs available.
3. Know Your Finances: Add up your expenses—like credit card payments, car loans, student loans, and personal loans. Then, divide that total by your monthly income to get a basic idea of your debt-to-income ratio.
Your ability to buy a home will depend on your income and credit profile. If you have any questions about your financial situation, don’t hesitate to call me directly. I’m here to help you every step of the way!
