Buying your first house can feel overwhelming, but it’s oh-so-worth-it to leave the rental life behind.
We break down the process for you to help get you on the right path to living in your dream home.
1. Save, save, save
First things first: You need to start a savings fund for your home purchase. “Home buyers should have at least 10 percent of the purchase price of the home in their savings account,” says Randall Yates, CEO, The Lenders Network. “In addition, lenders like to see at least two to three months’ worth of mortgage payments in reserves.”
There are also different types of mortgage programs available for new or low-income buyers that require a lower down payment, so be sure to research your qualifications for these programs while…