Please see the below tips to find out if YOU are ready to buy the home of your dreams! ↓

1. You have saved enough for the down payment:

There are a few up-front costs associated with buying a home. But, the biggest one is the down payment. Depending on which type of mortgage you get you are looking at needing between 3% – 20% of the purchase price as a down payment. Down payment requirements by mortgage type FHA Loans – 3.5% down payment Conventional Loans – 3% – 20% down payment 203k Loans – 3.5% down payment Jumbo Loans 15%  – 30% down payment There are two types of mortgage that allow for 100% financing. USDA rural home loans and VA loans offer no down payment loans.
Read more: http://www.thelendersnetwork.com

2. You have good credit:

Having perfect credit isn’t a requirement to get approved for a mortgage anymore. But if your credit score is at least 640 your odds of getting approved are much higher. If your score is at least 580 you may qualify for an FHA Loan with a 3.5% down payment. Lenders look at more than just your credit score. If you have no more than a single missed payment in the past 12 months this is a good sign you’re more likely to qualify.
Read more: http://www.thelendersnetwork.com

3. You can afford the mortgage payment:

The amount of home you qualify for is tied to your debt to income ratio. It’s typically recommended to keep your DTI ratio no higher than 36%. If you’re renting a home, chances are that your mortgage payment will be close to what you’re paying in rent. Use our calculator to find out what your mortgage payment will be and how much you can afford.
Read more: http://www.thelendersnetwork.com

4. You have steady employment:

If you have had the same job with the same company for at least 2 years, you’re most likely financially stable enough to have a mortgage. It will also be much easier to get approved for a loan with 2+ years of steady employment. Having solid employment history is a good sign you’re ready to buy a house.
Read more: http://www.thelendersnetwork.com

5. You don’t plan on moving to a new city anytime soon:

Buying is cheaper than renting, but only if you don’t move within 3 years. If you plan on settling down in a city and don’t have any immediate plans on moving then buying is a good option for you. With inflation and home prices on the rise theres a good chance that home you buy today will be worth more in a few years. Buying a home really is an investment.
Read more: http://www.thelendersnetwork.com

7. You’re tired of renting:

Renting is exhausting. Paying someone else mortgage payment, helping them improve their bank account while draining yours. You can’t make any upgrades, or at least its a waste of time and money to do so. Buying a home does come with its own sense of pride. You can finally take pride in your home. Make upgrades, plant flowers, paint the walls. You can finally make it your own.
Read more: http://www.thelendersnetwork.com

Summary:

If some of these apply to you then you may just be ready to finally buy your first home. It’s time to contact a mortgage lender to get pre-approved before you start your search for your dream home. Remember to make a budget and stick to it. Right now interest rates are still at historic lows, its a great time to buy. The question is.. Do you think you’re ready?
Read more: http://www.thelendersnetwork.com