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First-Time Home Buyers Guide to Avoid Foreclosure


Buying a house is a momentous investment for home owners at any stage of life. Purchasing a home is a large financial commitment and should only be done when a home owner is financially stable. To successfully own a home and avoid foreclosure, buyers should first answer these following questions.

1. How stable is your current income?

In order to have a home, it is a wise idea to have a stable income. Also, depending on how you receive your income will affect your eligibility for a mortgage. If you are self-employed, paid hourly or salaried with commission you will need at least two years of federal tax returns as proof of your income. This means you need to have proof of long-term employment. The more stable your monthly income is the more likely you are to receive a better loan.

2. What does your monthly debt look like?

It is necessary to evaluate your current monthly payments in order to get a better perspective on your finances. Many times people do not realize how many bills they have to keep track of each month. Before adding another monthly payment to your pile, you need to list the amount of money that you currently have each month. These monthly payments include car payments, student loan payments and credit card payments. Knowing how much money you have left over each month will give you an idea of how much you are able to put towards a house payment. You want to be able to pay your house payment along with the rest of your current bills and still be able to have money left over for living expenses.

3. What is your credit score?

Knowing your credit score is important and you should aim to keep up to date with your credit history. The more aware you are of your finances, the more likely you are to overcome issues from the first signs of trouble. You never want to find out that your credit score has been dropping without you noticing. Lower credit scores can affect your eligibility for a loan. Before you begin the house searching process, you should be striving to build up your credit history.

4. Do you have enough money in your savings?

By having a strong savings history, you are more likely to receive a better home loan. Having money stored in your savings will help you realistically choose a price range for your future home. The more money you save the easier it will be to make payments and have money left over to furnish and remodel your new home.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: VolumeOne | Foreclosure

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