When the idea of buying a home popped into my head , It seemed like an unachievable feat. I knew I had to get my credit together , I knew had to maintain paying my bills on time but I assured myself this would take years to accomplish.
After three years of working on the above , I moved back in with my parents to prepare for my Law Degree ,but I did not get accepted so now what. I started to look for apartments, meanwhile a close friend of mine was buying her first home. I was excited for her and thought one day that will be me. Well what do you know 6 months later it was me.
Watching the process my friend went through to buy a home was far easier then I thought. Your credit does not have to be perfect and blemish free. Do not let people scare you from buying your dream home now. I knew my credit wasn’t perfect but it wasn’t bad either. I met with a lender and was immediately pre-approved. He advised me of the current interest rates for home buying and where I stood and fortunately I was able to lock in at an excellent rate.
The next step was down payment , so to my surprise there are so many programs out there for first time home buyers. Also depending on your state , county or personal situation you can qualify for a grant. Another friend of mine qualified for several grants and ended up only have to pay a down payment of $1500. I chose to use the FHA ( Federal Housing Administration) . This allowed me to put down a minimum of 3.5% for a down payment . When you think about this percentage this automatically makes home buying affordable, of course this depends on the cost of your home but this allowed me to save my down payment while I was looking . I thought I would need thousands of dollars however I only needed a couple thousand .
After going over the numbers aspect I met with a realtor and began my search. People would tell me all the time you know when you know and they are right . The second home I saw gave me that feeling however out of fear of picking the wrong home , I entertained others homes for a few months. I ended up going with the second home that I had seen months before and I am proud to say I am a homeowner.
My advice to anyone who is looking to buy a home would be to be honest with yourself about your finances . Pay off as much debt as you can to relieve the burden of unnecessary bills. Be aware of your debt to income ratio. Save as much as you can for unexpected expenses. Lastly remember lenders are not looking for a perfect credit score or credit report so if you feel you may qualify go for it , at the end of the day if your already paying rent via an apartment you most likely can afford a home.