Tips for purchasing a home

Published 9:16 pm Friday, June 2, 2017

Home ownership is known as the American dream; and parents encourage their children to strive for home ownership early in age.

President George W. Bush first proclaimed June as National Homeownership Month in 2002, with the goal of helping more families achieve the American Dream.

The focus of the program is to encourage all Americans to learn more about financial management and explore homeownership opportunities in their communities.

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So what are some of the things a person need to know and do in preparing for home ownership?

Several sources site these as the first four steps:

Do some research and identify needs. Not everyone need a four bedroom/four bath home. Spend some time thinking about your family’s needs; the location, number of bedrooms/bathrooms, do you want a fixer-upper or move-in ready home, will you build or not, etc. Get online and start by searching to see what’s available in your area. Educate yourself about the going home prices. You can search for properties both online and by working with a local realtor.

Get clear on your current financials. Go to and pull all 3 credit scores (Equifax, Experian, and Trans Union). Get a clear understanding of all of your consumer, student and other debt – including how much you owe, to whom, and how much your monthly payments are. Also make sure you are clear on all your income and other expenses. From there, formulate a clear idea on what the maximum about of money you want or can afford to spend on housing (including mortgage payment, insurance, taxes and utilities).

Secure financing. Next, sit down and talk with the mortgage broker/banker to find out what it will take to qualify for the general price range you’re interested in obtaining. You’ll want to know how much cash you’ll need for a down payment and closing cost. Also, discuss any federal housing plans such as VA and FHA loans that you may qualify for and that might be available.

Meet with a local real estate professional. When in the market for a real estate professional get referrals from family and friends. Next, schedule a meeting where you will meet and discuss your needs and their services and what is available in your area. These are four of the basic steps to get you started on the road to home ownership.

For more information visit websites such as for an on line course that is free on home ownership or visit for more information.