Make It Real
Purchasing ahome is one of the most important and rewarding decisions a person can make, which also means it is one of the most stressful! With all of the steps, money and people involved, it is easy to be overwhelmed.
Can you afford a home?
Rule of thumb: You can afford a home that costs about 2 1/2 times your yearly income.
Some other factors that will help you determine how much you can afford:
- How much money do you need for other bills?
Such as utilities, doctors, groceries, car payments, insurance etc.
- How much do you have for a down payment?
The typical minimum down payment is 3% of the toal loan amount. Some special financing programs have lower down payment requirements. Down payments can also be from funds given to you by family or friends.
- How much will you need for closing costs and other payments?
Be prepared to get our your checkbook. There are several costs - along with the down payment - that will arise, such as earnest money, inspection and appraisal fees and insurance binders.
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