Steps to Home Ownership

[flip_it_fast]

I think we would all admit that the real estate marketplace isn't what it was even five years ago. But the American dream is still very real and it should be. Here are some tips that I read to get you into your own house.

1. First of all you need to strengthen your credit score. The better your credit is the better loan you will qualify for. Get your credit report and make sure that your not being penalized by things that should not be on there.

2. How much house can you afford? Mortgage payments should consume more than 28% to 30% of your total monthly income.

3. Save up for your down payment and closing costs. Depending on your credit you may have to put down anywhere from 3.5% to 20%.

4. Build a nice savings. This is beyong your down payment and closing costs. This way you know that if something happens financially you have something to fall back on for a few months at least.

5. Mortgage preapproval. The best thing is to have everything in order before you start house shopping. Get your financing in place and be ready to roll.

6. Find a house you like and can see yourself living in for at least a few years.

[realestatehound]

It's different in every state I know, but I would like to have a hundred people with a 640 credit score or above, a steady job and $500.00. I would sell them everyone a home. This is by far the best time I have ever seen for buyers to own a home. With interest around 5% for 30 years a first time home buyer could buy a $87,500 home which is about 1000 sq. ft. with 3 bedrooms, 1 bath a living room and bath. for 0 down, build the closing cost into the sale price and all they have to pay for out of pocket is the home inspection which is about $275 and they will have a payment of less than $550.00 per month for 30 years. Their are thousands of people out their that could buy a home and they just set back and pay rent. I just can't figure out why they don't buy. Heck they can buy for about the same as they rent.

[homealone]

I know a few people who could easily go out and buy a house, but they prefer to rent a house instead.

I was told that they rather rent than buy because then they don't have to worry about fixing anything that goes wrong with the house, and their landlords pretty much allow them to do as they please with the house like paint colors, pets, fencing and what not.

They just don't want the hassle of fixing a leaky roof, busted plumbing or anything else that can or will go wrong.

I guess it is just a personal choice and a financial one. Doesn't really make sense to me but that I what I have been told.