Are you qualified to buy a home? The answer may surprise you.
Are you qualified to buy a home? My answer to this is that it may surprise you, but let me get a little more specific.
Some people, when they talk about real estate, say something to the effect of, “Oh, I’d love to buy a home, but I’m not qualified—I don’t have my 20% down payment yet.”
Well, you actually don’t necessarily need 20% down to buy a home. Depending on certain factors, you could possibly buy a home with 0%, 3%, 3.5%, or 5% down.
People also tend to discredit themselves as potential homebuyers because of a credit issue they had a long time ago, but which has since gotten better. Sometimes people don’t realize that they’re no longer burdened by a past issue.
“You could very well be qualified to purchase a home and not know it.”
Some convince themselves that they’re ineligible to be homeowners because they took some kind of online qualifying software that uses very rough rules of thumb and doesn’t ask all the right questions. These softwares don’t count many relevant factors when determining if you’re qualified, such as how long someone has been at their current job, how long they’ve been at that pay rate, or whether they’ve changed careers within the same field versus a different field, etc.
The point is that you could very well be qualified to purchase a home and not know it, so don’t self-diagnose your qualifications, and also don’t depend on a website to tell you. Instead, we’d be happy to put you in touch with a lender whom we trust; because he’s an expert, he can tell you if you’re qualified for a home loan, how much you qualify for, and what your monthly payments will be.
If you’re thinking of buying or selling a home or if you have any questions, don’t hesitate to reach out to us. We’d love to help you.