Develop A Plan
What is your…
- Desired Area?
- Preferred Price Range?
- Current savings for Downpayment and Closing cost?
- Credit Score
Goal: Achieving a low debt to income ratio
- Pay off credit cards
- Pay off or dispute all items in collections
- Avoid any new credit and credit inquiries
- Make all payments on time
- Give yourself a time frame to reach your goals and make payments
Goal: Save for Downpayment and Closing Cost
- First-time home buyer (multiply home price by 3 or 5%)
- Develop a plan and budget to save for downpayment and closing.
Example: $250,000 x .05 = 12,5000 downpayment + $5000 in closing= 17,500
3. Eliminate excuses. Everyone can save money when they are serious about a goal
and prioritize. Check out my two articles on Budgeting for Beginners and 7 Side
Hustles You Haven’t Considered.
Goal: Finding the right home.
- Search in your desired area, don’t allow the agent to take you somewhere you don’t want to be or that’s too far away from your resources.
- Decipher what you can afford in renovations. Some upgrades are okay going in, but too many upgrade can be stressful.
- Make an offer with a voided 1% earnest deposit that counts towards your downpayment. Attach your current bank statement with account number blacked out to show proof of funds.
- Once offer is accepted with a signed contract from the seller. Take a non-voided earnest deposit check to the escrow company,
Closing should occur within 30-45 days.
Now get my new e-book First Time Home Buyer: Journey to Owning a Home on Amazon.com