More than 2/3 of people in the
U.S. own their home today. And the number keeps growing. Yet,
some people believe they could never own a home. Could this be
Maybe you're not sure you know
enough about the process of buying a home or you're intimidated
by it. Or, you worry that you can't afford to buy a house because
you haven't saved enough money.
Maybe your credit
has blemishes. Or, you've never established a relationship with
a financial institution or credit company and have no credit at
Perhaps you're not a U.S. citizen
or permanent resident and you don't plan to live in the U.S. very
long. Or, you have difficulty speaking and understanding English
and would be less intimidated if you could work with people who
speak your native language. Think again!
These concerns don't have to be
obstacles to Home ownership With the right information - like
the information you're learning from Allie Mae - the dream of
Home ownership could be within your reach! Are You Ready to Buy
Ask yourself the following
If you answer "yes"
to most of the questions, you're probably ready to buy a home.
If you answer "no," concentrate on strengthening these
areas or take a Home ownership education class in your area.
I have a continuous, reliable source of income?
I been employed continuously for the last 2 years even if it has
not been in the same job, and is it likely to continue?
I have a checking and/or savings account established with a financial
institution or do I keep accurate records of paying my bills regularly
and on time?
I file an income tax return with the IRS each year?
I pay my bills on time?
my total debt manageable?
all of my regular financial obligations accounted for in my total
I have some money saved for a down payment?
I have some money saved for closing costs?
I afford both the mortgage and other expenses?
I have time to take care of a house?
I have time to devote to buying a home right now?
I have money to cover moving expenses?
I've experienced financial difficulties in the past, can I prove
that it was due to events beyond my control?