Lately we are hearing that the American dream of owning your own home is no longer a reality. That is simply not true! It however may take a longer time to happen as compared to years ago.
That dream is still alive, providing you write a plan on what you’ll need to do in advance. Many younger people now believe they will never be able to own their own home. Typically, first time home buyers are in their mid- thirties before they are able to afford to buy their first home. Your age doesn’t matter, being prepared does.
Here are some of the steps that should be in your plan. Get your current credit score, if there are two of you, get both, they are available for free online. A credit score of at least 640 is usually sufficient to meet credit requirements. Set up a method tobe saving at least 10% of your earnings each pay period, if possible set it up so it is automatic to minimize temptations.
Typically for an FHA loan you’re going to need 2 to 2 1/2 percent of the purchase price for closing cost. So for example on a $500,000 purchase it would be between $10,000 & $11,250. No matter what your current financial situation is, a meeting with an experienced lender or mortgage broker is extremely important, even if you don’t feel even close to being ready. They can help you design your plan and provide you with the additional steps you’ll need to accomplish.
The American Dream is only dead if you stop believing it can happen. Also, another free resource is any one of our professional Realtors. They are ready and availably to help you, so don’t hesitate to reach out to any one them. You can go to the meet the realtors page to read their bio’s and see who might be the best fit for you.