Did you know that if you can afford to rent, you can probably afford to own?
Here are three basic factors for qualifying for a home loan:
Income – If you have a job or steady source of income, you’re off to a great start.
Down Payment – Many programs will work with 5%, 3.5%, and in some cases, even 0% down. Sometimes, closing costs can be paid for you as well.
Credit – Even if there are a couple of dings on your credit report, there’s probably a loan program for you.
That’s it. These three items are the fundamentals of mortgage lending. If you work and pay your bills on time, you may already be well on your way to homeownership.
Now, would you like to see how far your rent payment might go when applied to principal and interest on a mortgage payment? Check it out here!