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Many people fear that the American dream of owning a home will never come true for them.  This could not be farther from the truth!  The truth is, anyone can get into a home!  The key is knowing what you need to do now to start preparing for the right time to buy.  The right time may be now, or it may be a few months to a few years down the road.  No matter what your situation may be, these tips will help you know what you can do to make the home ownership dream a reality!

First, don’t quit before you start!

So many people just assume that they can’t qualify for a home loan so they just don’t bother trying.  These are the people that throw their money away in huge chunks paying rent every month.  They miss out on the benefits of investing their money into something that will pay them large returns in the future.  

Don’t be one of these people.  Contact one of our mortgage loan officers.  They will go over your finances with you and let you know right away what you qualify for. 

Second, be persistent! 

If you meet with a mortgage professional and discover that you don’t qualify for a loan right away, don’t give up!  Getting a home loan can sometimes take patience and perseverance.  You will have help along the way!   Our mortgage professionals will be happy to assist you along each step of your journey.  They will be there to answer all of your questions and help keep you in line with your goals.

Third, organize your financial paperwork.

Qualifying for a mortgage requires a review of your financial situation.  This includes verifying your stated income and assets with documentation.  Start gathering things like tax returns, W2’s, 2 most recent paystubs, and 2 most recent bank statements.  Having this documentation ready to go will really speed up your qualification process.

Fourth, be smart with your finances.

Make it a priority right now to be responsible with your finances.  Try not to incur too much debt and make sure you are consistently on time with all of your monthly payments.  Living this way will help your credit scores and ultimately qualify you for a better interest rate and a larger loan amount.

It is very important that you do not apply for credit or take out any large liabilities when it comes close to the time to apply for a loan.  Any new debts or credit inquiries could affect your ability to qualify.

Fifth, learn as much as you can about buying a home.

There is a lot more to buying a home than what meets the eye.  You have to consider other things than just the monthly mortgage payment.  There are utilities, HOA fees, and other related expenses that come along with buying a home. It is extremely beneficial to educate yourself on the home buying process and what to expect after purchasing the home.  There are first time home buyer classes available to everyone online.  You can also talk to your mortgage loan officer for guidance.  Educating yourself as much as you can now will help you avoid any unwanted surprises later.

Last but not least, know that you have many options!

There are so many different loan programs out there.  Do not assume that you have to have a 20% down payment saved up to get into a home.  There are many options that require anywhere from 5% down to 0% down to get into a home.  All of these options are in place so that anyone in any particular situation can get the home loan that is right for them.  Talk to one of our mortgage loan officers about what your options are.  They can help you see what programs best fit your particular situation.

Hopefully these tips have helped you to see that you can make your home buying dreams a reality!   With the right attitude, and the right professional help, anyone can get into a home.  It really just depends on your willingness to stay dedicated to the process and to take the necessary steps to put yourself in the right situation.  Contact one of our mortgage loan officers today to start your home buying journey!

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