September 6, 2001 at 1:39 PM CDT - Updated July 28 at 4:01 PM
How Do I Know If I'm Ready To Buy A Home?
Find out by asking yourself some questions:
Do I have a steady source of income? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
Do I have a good record of paying my bills?
Do I have few outstanding long-term debts, like car payments?
Do I have money saved for a down payment?
Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to buy your own home.
How Do I Begin the Process of Buying a Home?
Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.
Copyright U.S. Department of Housing and Urban Development