There are 4 key things that determine of you are ready to purchase your first home. Buying your first home is a huge financial commitment and there are some key indicators that you’re ready to buy.
- You have stable employment – this means you feel comfortable in your career and with the company you are working for, and you have passed probation. If you have part time employment or are contract employee, then a 2-year work history is required.
- You have established credit – it takes time to build your credit score and a lender will want to see you having the ability to borrow money and pay it back. If you had some credit hiccups in the past, then call me to review and discuss your options.
- You have enough money saved up – this means at least 5% available for down payment and have 90 days banking history to show the money has been in your account. You will also need 1.5% of the purchase price for closing costs. If you don’t have enough saved up, but have a family member who is willing to aid with the down payment in a form of a gift, this is ok too.
- You’ve been pre-approved for a mortgage – before looking at homes with a Realtor, you have connected with a Mortgage Agent to discuss your options and are organized. Buying your first home often takes planning and work ahead of time.
If you are interested in purchasing your first home, lets connect. I would be happy to discuss the items above in detail and other points as well.