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Home Ownership Plan
Save at least $100 a month. By saving $100-$200 or more per
month regularly, you will quickly build a fund to cover down payment and closing
cost needs to purchase your home.
Avoid a high auto payment. What is more important to you? A home or
a new car? Many mistakenly sign a contract for a high auto payment, which may
disqualify them for a home loan due to a heavy debt ratio.
Pay off credit cards monthly and pay debts on time! Pay off any
credit cards you have monthly. Today it is too easy to take on credit, but much
more difficult to pay it off after it has been run up. Misuse will ruin your
credit and take years to repair. Maintain good credit. It is required before a
financial institution will approve a home loan.
Develop job stability. A minimum of two years on the job or in the
same line of work is required before a lender will consider you for a home loan.
Do not pay more than 28% of your gross monthly pay for housing and do not pay
more than 36% of your gross monthly pay for housing and contractual monthly
debt. Keeping your housing and debt payments in focus by using the ratios is
very important. It will also mean you will be under less pressure financially.
If expecting a gift from relatives to help with home purchase, receive it
sooner.
Have a monthly financial fitness meeting with your family to insure you stay
on track and to achieve your family goals.
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