Tips for purchasing a home:
1. Ensure all bills are paid on time or even before the due date.
2. Prepare various financial documents in PDF format, as screenshots are generally not accepted.
3. Plan for a down payment of approximately 3.5% to 5% of the home's purchase price, unless you have VA benefits.
4. Keep in mind that closing costs, which typically range between $7,000 and $15,000 (or more, depending on the price), are separate from the down payment. Save for these expenses or seek assistance from an agent who can negotiate with sellers on your behalf.
5. Maintain a stable job history with minimal employment gaps for at least two years or longer.
6. Be aware of your credit score, as most lenders require a minimum score of 580 or higher. A higher score improves your chances of loan approval.
7. Reduce your debt as much as possible, including student loans, credit card balances, and car payments. Lenders consider your debt-to-income ratio, and having fewer monthly payments increases your likelihood of securing financing for your new home.
8. Save money diligently.
Remember that each person's home-buying experience and financial situation are unique. My role is to assist and guide you throughout the process, ensuring a smooth journey to homeownership. Feel free to follow my page for more tips and guidance, and reach out when you're ready to embark on this exciting journey, whether it's your first or fourth home. Let's work together!