- 1. BUYING
- 1. What is the first thing you should do after you decide to purchase a home?14.08.17More
The first thing you need to do is the simple exercise of "What I want vs. what I can afford." We all want to live in a palatial mansion, but we may not be able to afford a $20,000 a month mortgage.
Here is a quick hit list to get started.
• Check your credit score. There are minimum requirements for getting traditional financing. FHA (Federal Housing Administration) loans start out with a minimum of a 640 FICO score.
• Determine the neighborhood you want to live in and figure out the average home prices there. Can you afford a mortgage in your desired neighborhood? Here is a link to a simple Mortgage Calculator.
• Start Saving. You will need to have enough money to cover a downpayment and any closing costs
This is just a quick starters guide. Happy house hunting.