What Do I Need To Be Able To Buy A Home?
This is a question that often comes up while talking to first time home buyers. The following is usually my answer. The requirements and information needed to buy a home could be overwhelming but these are essential requirements to be able to qualify to buy a home.
1. Have steady income - (this is probably the most important), when borrowing money to by a home, buyers must have the means to pay it back. Borrowers will be required to show prove of employment or some kind of legitimate income for at least two years and depending on the situation may be required to at the same job for at least six months (this could vary by lender or credit score).
2. Have good credit - (usually 640 credit score or above), home buyers must have good credit score to be able to borrow money. Having good credit shows that a person is financially responsible, trust worthy and more than likely not to default on their promise to pay back the loan.
3. Have a bank account - potential home buyers must have a bank account and be able to show the lender bank statements of the previous two months banking activities. Lender or lender institutions like to verify that all money is legitimate earn or that buyer(s) are not borrowing money from someone else and potentially getting debt problems.
There are other requirements that need to be met but they are not as critical as the three above, some of them could be waive (depending on the type of loan) or they could be taking care of during the buying process. If you meet the three critical steps above more than likely you will be able to qualify to purchase a home.
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