What it takes to buy a home.First, congratulations to you! The first important step in becoming a homeowner is to become informed when trying to achieve a geal and your path to homeownership
WHAT IT TAKES TO BECOME A HOMEOWNER
Dated: December 15 2020
What it takes to buy a home.
First, congratulations to you! The first important step in becoming a homeowner is to become informed when trying to achieve a geal and your path to homeownership is a geal that many of us have in process.
The purchase of real estate is only simple if all of the work leading up to your decision upon becoming an Active homebuyer has paid off. What does that mean? Well, if for the past two years you have been reporting good income over expenses, have little to no liability debt (ie: car loans, store credit cards, cash loans, co-signed credit. Etc.) , then you’re on your way on becoming a Homeowner here in the US.
Homeownership is an asset to your life and with the proper market and location of the home’s purchase can earn you great deal of equity for a future sale. And not only does owning a home give you pride and confidence, it can open the door for your future investments giving you experience and knowledge for your future endeavors.
To buy a home this is what is needed,
1. Credit at 620+
2. 2 years of tax reports
3. Little to no Debt to be calculated to your debt to income ratio - DTI
4. Have 3% in liquid cash as a down payment
5. Have about 2.5% in liquid cash for the closing costs
6. Work together with a proper realtor the help you through the entire realty purchase process
7. See what you qualify for with a lender that has the most competitive rates
8. ITIN applicants you’ll need 20% down payment
9. DACA applicants will need 5% down payment
It is highly recommended that you complete most of the items in the above list before going out and viewing homes.
If you are ready or have any questions about the process, feel free to reach out to us.
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