Buying your first home is exciting, and one of the biggest purchases you’ll ever make and the single biggest investment so you’ve got to be smart about it. Research and form a solid plan.
5 Tips to Buying your first Home
• Know your credit score.
• Evaluate assets and liability. Consider annual income, annual expenses, and savings. A first time home buyer should have a sense of what is coming in and what’s going out.
• Organize Documents. When applying for mortgages home buyers must document income and taxes.
• Qualify yourself. By calculating debt to ratio and factoring in a down payment you’ll have a good idea of what you can afford.
• Figure out your down payment. Think about things like inspection cost, property taxes, homeowners insurance. Speak with mortgage lenders when you’re starting the process. Research home investment partnership program which is a federal block grant to create affordable housing. Each state is different.
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