How to know you're ready to buy a house

It is completely normal to have no clue if you’re close to home ownership or not. If you’re thinking about. buying your first house, you’re probably closer than you think. Here are three of the most important first steps in deciding if you’re ready to buy!

You’re confident in your credit score

There are credit score requirements dependent on your loan selection. For conventional, I recommend a credit score of minimum 620 and 580 for FHA. The higher your credit, the more favorable your interest rate and loan options will be. This is just one factor of your application, but it is an important one!

You have savings to cover downpayment & closing costs

A downpayment can be a chunk of change. You need to save enough for your downpayment (0-20%), inspections ($400-1000), and any additional closings costs (2-3% of sales price at max). Curious to know how much your downpayment needs to be? Reach out to me for a fantastic lender recommendation!

Renting no longer makes sense

I get it - how do you know though? Are you going to be living in the same place for the next 3-5 years? Are you tired of paying substantial rent to someone else’s mortgage? Your landlord wants to raise your rent year over but you can take control of your payments buy locking in a fixed rate mortgage and prevent those unexpected increases.

Want to dive a bit deeper? I’ve mapped out this guide for anyone thinking they might be a year out. The good news is that this guide applies to anyone, no matter where you are on the timeline. You can speed this framework up to fit your needs! Click here to sign up.