If you are jumping on the same boat of home-ownership then ask yourself these 5 questions to determine where you currently stand and what you can afford to achieve.
Have you planned for the purchase?
How much can you pay monthly?
Have you decided about the down payment?
The Department of Veteran Affairs and Aepartment of Agriculture, both offer homes without any down payment. There are also some programs in the market that can be a suitable option for lowering down payments like FHA (Federal Housing Administration) and Fannie Mae housing programs, both allow very low down payments. These laons hav eligibility eligibility.
Majority of the people that are going for a mortgage with low down payment have to settle with Fannie Mae, Freddie Mac or standard FHA loan. Use their data to determine which one suits your needs
Have you taken closing fees into account?
Closing costs vary by state and you can contact your lender and talk about your options.
Have you error checked your credit report?
It is a rough estimate that a lot of credit reports contain errors. These can significantly affect your score. You should review your credit report for errors time to time and file a dispute to amend mistakes in it.