Have questions related to buying a home in Jacksonville, Florida? Traditions Realty REALTOR® Beth King provides expert answers.
Q: Can I Afford to Buy a House?
A: The most important question to ask yourself is not can I afford to buy a house. Ranch Land Sales is what you should be looking for, you should ask your self what do I need to do to in order to be able to buy a house?
With all the bond programs that are out and the different programs that lenders are presenting to buyers, affording to buy the house is not really the question as far as down payment or the pre-paids go, because alot of those can be paid back to you or you can get a program that is a soft mortgage that will allow you to pay for those from the soft mortgage.
So, the real question is what do I need to do have in order to be able to buy a house?
The most important thing is your credit score. In my opinion the first thing you should do is go onto a site such as https://www.creditkarma.com/ where you’re able to monitor your credit. You want to see what kind of score you have. In reality, the best would be to have a score of 640 or above because you’re going to qualify for the best rates out there. If you have an 700 or above you can qualify for an event lower rate. So, the first question is “what is my credit score?” If it’s not at least a 640, what type of credit repair do I need to do before I even apply to buy a house?