Home Ownership In Your Twenties

Owning a home at any age is a major accomplishment and takes a concerted effort. Why you may ask? … because homeownership is not a ‘right’ it’s a privilege and with it comes many benefits which we will get into a bit later.
Like anything accomplished that is great, it begins with a decision and that decision needs to be backed by action. The critical component of the action equation is having a  trusted guide by your side keeping you informed of what is critical to work on, what programs are available to help you in the process, and what time frames must be met, and by when what areas will give you the most return down the road.

I’m going to cover four key topics to bear in mind in the home buying process and the impact of each especially for you in the early twenties.

Key One-Credit Score

How is your credit? Do you have a credit score?  This is something you can investigate on your own and I highly recommend it. Go to Experian.com and Creditkarma.com and see how you are rated. With that information, we can put together a game plan to: raise your credit if it is low, get a credit score if you don’t have one, go right to qualifying for assistance if you have at least a 660 mid score.

WARNING: If your score is lower than 660 do not be lured by credit fixing companies who ‘guarantee’ to fix your credit.

You need a game plan to elevate you to 660 or above, not a scheme or a scam. I have helped too many people after they were lured and spent anywhere from a low of $600.00 to a high of $2500.00 and the results promised never happened.

Key Two-Income

What is your monthly income? And how much of your income is already promised to existing debt like car payments, credit cards, or student loans? The amount of house you will be able to purchase is based on what you have coming in and what is left from what you already committed payments to.

Key Three-Job History

What is your past two-year job history? Have you been steadily increasing your income and are you working full time? What is the likelihood you will be employed for the next year?

Key Four-Savings

How much money do you have saved? Even though you may qualify for a program to help with your costs, it is still a requirement to have some of your own money in the transaction. This amount will vary depending on your current financials and what programs you qualify for but it is still a consideration for you in the preparation process of having your own home.

Stay tuned for next week’s post as we go into detail about each of these key topics.