|
Discovering Homeownership:
Is Homeownership For You? |
Why Own a Home? | Financial
Considerations | Pre-qualify for a
Mortgage
Is Homeownership For You?
According to the 2004 National Association of Realtors Profile
of Home buyers and Sellers, the typical first-time buyer is “32
years old, makes a down payment of 3 percent (usually an FHA loan),
and purchases a home costing $139,000.”
Look at the questions below to see if homeownership makes sense
for you:
Ask yourself:
• |
Do you have good credit? |
• |
Is your income stable and
reliable? |
• |
Have you had employment in the same field
for the last 2 years? |
• |
Are you current and have you been paying
your bills? |
• |
Do you need help with the down payment
and closing costs? |
• |
Can you afford a mortgage and the additional
expenses like utilities, repairs and landscaping maintenance?
|
• |
How long do you plan on living in the
home (to build up equity)? |
• |
Do you have time to even consider a home
at this time, or do you have other priorities such as school
to consider. |
If you think you may not be ready now, you may want to consider
preparing yourself for a home in the future by working on your
credit report, paying off debts, not incurring additional debt,
saving money for the down payment and closing costs, and getting
that reliable income source.
Next : Why Own a Home?
Is Homeownership For You? |
Why Own a Home? | Financial
Considerations | Pre-qualify for a
Mortgage
|
