Owning a home is a major committment.   You should take the time to evaluate your financial situation to see if you are ready and able to own a home.    You should know what your monthly income is versus your monthly bills/debts.  A mortgage lender will look at this ratio when qualifying you for a loan.

  • What is your total income?  
  • What is your total debt?   Included in your debt would be items such as car payment, school loans, credit card balances…etc.
  • What is your credit score?  You can check out sites such as : www.experian.com, www.nationalcreditreports.com, www.freescore.com and www.myfico.com
  • Can you afford a downpayment and closing costs?  Typically you would want to put down 20% when buying a home however there are mortgage programs where you can put down as little as 3.5%.