Use this checklist to see if you’re ready to buy a home.
If you think you’re not ready yet, you can take the necessary steps to strengthen your financial picture. You can also speak to a loan originator to see if you qualify for a Veterans Affairs (VA) loan.
Are you ready to buy a home?
|I have a steady, reliable source of money coming in.|
|I/my spouse can show a solid history of employment and/or military service.|
|I pay my regular monthly bills, such as rent and utilities, on time.|
|I make regular payments on my debts (credit cards, car loans, etc.).|
|I am able to continue to pay these debts plus pay a mortgage. (In general, monthly expenses should not exceed 28% of your gross income.)|
|I’ve researched how much my other expenses are likely to be — such as homeowners insurance, taxes, association dues, utilities, repairs, and maintenance — and feel confident that I can pay them.|
|I have some money saved for the purpose of buying a house or condominium.|
|I understand that buying a home is a major, long-term responsibility. I’m committed to fulfilling that responsibility.|
|I have time to take care of a house, including responsibilities like home repairs and yard work.|
|I’ve recently reviewed my credit report; I know my current credit score and it is high enough to qualify for a loan at a rate that is acceptable to me.|
|I know my Basic Allowance for Housing (BAH) and Basic Allowance for Subsistence (BAS) for the area I’m considering.|
Click the Next button to test your judgment.