Is Homeownership Right for You?

April 27, 2010
Freddie Mac and Fannie Mae have a great website with some helpful information in regards to buying a home.  One of their sections is whether homeownership is right for you.  The answer, depends on your financial situation, your future plans, and what you hope to do for yourself and your family by buying and owning a home.

Information below was taken from:
http://www.freddiemac.com/corporate/buying_and_owning.html
Please visit this website for more information.


Are you wanting to know whether homeownership is right for you?  First let's start with your financial situation. Ask yourself the following questions:
     1 - For the last three years, are you able to provide information in regards to having a steady, reliable source of income and a steady employment history?
     2 - How is your credit history and do you understand what is on it?
     3 - Can you manage your total debt? Are you able to pay all your bills on time and will you be okay to take on costs associated with homeownership? 
     4 - Are you able to save money for a down payment and closing costs or do you have access through a relative, work fund or savings to be able to obtain the cash necessary?
     5 - Are you prepared in the situation of an emergency should extras funds be needed?

Next consider your future plans. Can you balance the costs of owning and maintaining a home (like repairs and maintenance) against other major expenses, such as buying a car, taking a vacation, saving for college or raising a family?

Once you’ve looked at your financial situation and the costs of owning a home, consider how much you can afford to spend buying a house as well as the risks and rewards of becoming a homeowner.

To receive more information on this, please visit http://www.freddiemac.com/corporate/buyown/english/preparing/right_for_you/ for the actual article.

Homeownership can be scary and overwhelming if you don't have all the right knowledge and information.  Be sure to find out everything you can before finalizing all the paperwork.  When you've purchased your first home, you want to be happy that you made the right choice and look forward to all the excitement that being a homeowner can bring.