Is Home ownership Right For You?

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 you?

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 all.

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 a Home?

Ask yourself the following questions.

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.

Do I have a continuous, reliable source of income?
Have 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?
Do 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?
Do I file an income tax return with the IRS each year?
Do I pay my bills on time?
Is my total debt manageable?
Are all of my regular financial obligations accounted for in my total debt?
Do I have some money saved for a down payment?
Do I have some money saved for closing costs?
Can I afford both the mortgage and other expenses?
Do I have time to take care of a house?
Do I have time to devote to buying a home right now?
Do I have money to cover moving expenses?
If I've experienced financial difficulties in the past, can I prove that it was due to events beyond my control?


Becoming a homeowner


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By visiting Allie Mae you have taken your first step toward becoming an educated borrower. Allie Mae is an objective, independent source of information for the mortgage consumer. Whether you are buying a home, refinancing, taking a home equity loan, building a home or in need of a mortgage for any purpose, Allie Mae is here to help. Allie Mae has helped thousands of people with their mortgage needs. We have a complete selection of articles, charts, calculators, and checklists designed to help you through the mortgage and home buying process.

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