Income

No matter what the state of the housing market, having a steady and sufficient income is essential to buying your first home. You will need 2 years of steady income from the same industry.  If you have been in school for a professional career, your schooling could could as time in the career field.  You will also need 2 months of pay stubs as well as 2 months of bank statements.  You will need to show all pages from the bank account your deposit will come from.

Safety

Most homes can be viewed virtually, or with a real estate agent.  We can conduct almost all business online. The only person you will physically have to be with is a notary who will guide you through the signing process.

Interest Rates

Mortgage interest rates make a big difference.  While it might feel safer to wait for the economy to recover before buying, interest rates could very well be much higher by then as well, resulting in a payment that is hundreds of dollars more per month.

Timeframe

Plenty of housing markets have seen significant price increases. Home prices average an annual price appreciation of between 3% and 5%; if you have the time to stay in the market, eventually you will gain equity.

Savings

Doyou have enough savings for your first home purchase. First, there is a down payment to cover.  Down payments are low as 1%- 3.5%. However, in addition to your down payment, lenders will want to see that you have reserves to cover the first few months of the mortgage. Homeownership can have plenty of expected costs, and having an emergency fund is an important preparation.