- Do you have a continuous, reliable source of income?
- Have you been employed continuously/steadily for the last two years, even if it has not been in the same job, and is it likely to continue?
- Do you have a checking and/or savings account established with a bank, credit union, or other financial institution? Or, if you don’t, do you keep accurate records of paying your bills regularly and on time?
- Do you file an income tax return with the IRS each year, even if you are not a U.S. citizen?
- Do you pay your bills on time?
- Is your total monthly debt (all credit cards, car loans, etc.) manageable? Can you afford those debts and a mortgage?
- Are all of your routine/regular financial obligations accounted for in your total debt?
- Do you have some money saved for a down payment? (Some affordable mortgages require no money down but others require a small down payment.)
- Do you have some money saved for closing costs?
- On a monthly basis, can you afford the mortgage as well as other expenses, including electricity, water, repair, and maintenance costs, and any financial obligations you send to relatives who live in another country?
- Do you have time to take care of a house—including responsibilities like mowing the lawn and making repairs?
- Do you have time to devote to buying a home right now? Or are other commitments a priority, like taking classes in addition to work?
- Do you have money to cover moving expenses?
- If you’ve experienced financial difficulties in the past, can you prove that it was due to events beyond your control?
If you answered “no” to any of these questions, concentrate on strengthening those areas. You can do so by following the steps described in the previous sections of this course and also taking a homeownership/homebuyer education class in your area. These classes are a good source of information and will help you prepare for homeownership.
If you can answer “yes” to most of these questions, you are probably ready to think seriously about owning your own home.
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