How to buy your Future Home
Are you looking to acquire a home in the near future? Awesome, I hope to share some valuable information with you in this post. First thing first! Have a source of steady income. Homeownership is a wonderful deal but it can be costly. A home may need repairs shortly after acquiring it so its good to have that buffer to ease any unexpected expenses. Find a lender that you trust. The lender will want you to have a source of income, they'll want to see tax returns to determine how much of a mortgage you can afford. Most lender want your debt to income to be around 43%. So if you make $5,000 and you wanted a home with a monthly mortgage of $2,000 there's a good chance you'll be able to move forward with aqcuiring that home pending your credit score. Popular Loan types: FHA and Conventional. FHA is a govenment insured loan that requires future homeowners to put 3.5% down to buy a home. FHA has morgage insurance attached to loan for the life of it, this can be an additional $200...