Because of the recession, many children of the ’90s are of the mindset that purchasing a home and investing in real estate is far out of their budgets. They are often content to rent and try not to think about how they will never get any of the thousands of dollars they shell out every year back. However, contrary to popular thought, getting into a home isn’t as difficult as you may think.
If you meet a series of requirements, first-time home buyers can take advantage of a number of incentives banks and the government give out to get people into homes. See whether you might be eligible for some of those programs below.
Eligibility for Getting a Mortgage
Banks want dependable people to take out mortgages so they can collect interest reliably. In order to do that, they make a number of assessments of your job and credit history. If you qualify for their programs, you may not have to make a down payment and can get a relatively low interest rate. Remember that these banks are competing for your business.
You may be eligible for these programs if you have
- a good credit score
- an income that can support a mortgage payment
- a stable job you have worked at for some time
- successful loan repayment on your credit report
These assessments will determine whether a bank will be willing to work with you, but if you are not eligible for the programs now, you know what you need to work toward.
Determining Whether You Have Enough Income to Pay a Mortgage
Oftentimes, people assume they don’t make enough to buy a house, but that is not usually the case. In fact, if you are paying rent on a regular basis, you would likely be paying less for a comparable amount of space per month once you have a mortgage. Then, you can invest that money you would otherwise be spending.
For help looking for a home once you have been pre-approved, call The Marshall today at (801)-566-9500!