Are you ready to own a home? Here are a few tips to prepare yourself:
Don’t focus only on income Do save money Maintain a good credit history Talk with local lenders Run the numbers Learn more Don’t give up
Do save money. While you may hear claims of “no money down,” you greatly increase your chances of qualifying for a loan if you have accumulated a down payment. Back to top
Maintain a good credit history. Paying your bills on time—every time—goes a long way toward convincing a lender that you’re creditworthy. Back to top
Talk with local lenders. Visit your bank or credit union and discover if you qualify for a loan. (Madison Ridge makes this part of buying convenient.) Back to top
Run the numbers. You can get a head start on qualifying by figuring out how much home you can afford. Fannie Mae (a nationwide mortgage resource) offers a handy online calculator. Visit www.fanniemae.com, look under “For Home Buyers & Homeowners,” and click “Resources.” Back to top
Learn more. The Fannie Mae Foundation offers four FREE guides: • Opening the Door to a Home of Your Own • Borrowing Basics: What You Don’t Know Can Hurt You • Knowing and Understanding Your Credit • Choosing the Mortgage That’s Right for You To get PDFs of the guides online, visit www.fanniemaefoundation.org and click “Publications.” Or you may call 1-800-859-7836 and have the guides mailed to you. (For guides in Spanish, call 1-800-327-9997.) Back to top
Don’t give up. Buying your first home is a big commitment. Back to top
