Are your Financials in Order to Purchase a Home ?
There are many reasons to purchase a home, from building generational wealth to not hearing neighbors’ footsteps all night. Whatever the reason, make sure your financials are on the right track. To begin, ask yourself the following questions: Do I have a steady income for two years? What is my credit score? If you are unsure of the answers to the above questions, below are some strategies to ensure you are on the right track.
Step 1: To purchase a home, you must have two years of consistent income. If you had multiple jobs within that time frame, the job should be in the same industry. Changing jobs is not a problem as long as your history is consistent.
Step 2: Knowing your credit score is crucial in knowing if you are ready to purchase a home. Currently, www.AnnualCreditReport.com will allow you to pull your credit report weekly for free until April 2022. So, pull your credit report and check for errors. The credit score range is from 300-850. Depending on the interest rate you want, the higher the score, the lower the interest rate. Aim for a minimum score of around 670.
These steps are a great start to getting your financials to purchase a home. The University of Florida/IFAS Extension has a housing team represented in many counties across Florida that provides online workshops for pre-purchase homebuyers with supplemental lessons on credit and budgeting. Our next class on credit repair is part of the virtual Take Control of Your Money Series on August 18, 2021, at noon. To register, visit https://FRMParks.eventbrite.com. For further questions, contact Natasha Parks @ email@example.com.