What To Do
You want to buy a house but don’t know where to begin? Start saving money. Using the FHA program, you’ll need 3.5 percent to use as a down payment which works out to 12,250 dollars for a $350,000 home. Next, start paying off debt. Eliminating expensive car and credit card payments can increase the amount you can borrow by over 100,000 dollars! Third, check up on your credit. You’ll need to have at least a 620 credit score to have a shot at a decent loan And last but most importantly, talk with a qualified loan officer. They’ll be able to tell you what you need and how close you are.
Even if you have limited money you will want to do the following 4 steps.
- Save 3.5% so you can use the FHA program
- Pay off expensive debt
- Manage your credit score
- Get the advise of a qualified loan officer