Are you ready?

Ready to buy a home?

Print out this worksheet to see if you’re ready to buy a home.

If you can check “yes” to at least six of the items on this worksheet, you are probably in a good situation to consider buying your first home. If you think you’re not ready yet, take the necessary steps to strengthen your financial picture.

Consider your current financial picture:

  • Credit history and credit score
  • Debt-to-income ratio
  • Ability to pay monthly costs

Are you ready to buy a home?

Yes√ No√
I have a steady, reliable source of money coming in.
I’ve been employed on a steady basis for at least the last two years.
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 can afford to continue to pay these debts plus pay a mortgage. (In general, mortgage costs 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. I feel confident that I can pay them.
I have some money saved for the purpose of buying a home.
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.


Note: As a homeowner, your monthly house expenses may be higher than what you paid in rent, but you’re investing in an asset that can help you build wealth and roots in a community.

See Buying a Home in the Hands on Banking Adults course for much more about homebuying.

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