How to Afford a Home in America

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Buying a home – especially for the first time – can present hurdles, but research, creativity and flexibility will help you clear them. From educating yourself on your financial situation, to saving for a down payment, to lifting your credit score, here are 3 focus points to help you afford a home in America.

How to Afford a Home in America

Educate Yourself on Where You Stand

The first step of avoiding potential hurdles is to know where you stand financially. This includes knowing your credit score, knowing which finance options are available to you, and knowing the how much you need to put down upfront. To learn about your credit score, you can check online tools that give you an accurate ballpark of where you stand. These tools will also tell you the areas where you need improvement and tips on how to do so. An FHA loan may be the best option for some homebuyers, while a VA loan is better for others. Do your research and find out which loan options are best for you. Once you know what kind of loan you want to go forward with, educate yourself on how much you’ll need to put down upfront so you can be prepared.

Make Enough Money to Save

Create a budget of your finances and see how much you can realistically save each month. Being diligent about putting money into savings will help you save for a. down payment for your home. If you aren’t making enough to save, you may consider taking on a side hustle to help in the moment to put cash away. Driving for a ride share service, food delivery service, or teaching a class or two can all help you save money so you can afford a home in America.

Know Your Deal Breakers

Going into the home buying process with a list of must haves will help the home buying process move faster. If location is your number one priority for a new home, and you’re looking at homes with long commutes, then you’re making the process more complicated than it needs to be. Sticking to your non-negotiable list will help weed out homes that don’t fit your criteria and may open up the opportunity for home that you may not be pleased with down the line. If you’re finding that you cannot find many houses that fit every one of your deal breakers, you may need to be flexible with your list.

You may also like: So You Bought a New Home – Now What?

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