Getting Ready to Buy: the Plan

I have always been an underdog and the only way I knew to overcome obstacles was to overwork and to brainwash myself to believing I could win. The last blog I wrote was maybe too metaphysical for most young buyers and I need to make some additional comments.

There are many excellent books and approaches to reaching goals; Think and Grow Rich, Acres of Diamonds, As A Man Thinketh, The Power of Positive Thinking are all excellent and can motivate people to higher successes. Thought processes that can be seen online Emotional Freedom Technique,  Ho’oponopono, and Subliminal Videos all can help.

But eventually The Plan has to be in place. To purchase a home most first time home buyers will need a mortgage loan and many will need down payment assistance. As a rule buyers need to qualify with down payment, credit, and income to outgo payment ratio.

In many communities there are Down Payment Assistance Programs, FHA Programs which require 3% down and other programs. Everybody knows Google so you can start your search there. An initial goal may be to save at least 3% for the down payment, keep the credit score above 680 and learn how to compute the debt to income ratio and get it as low as possible after computing the new mortgage payment, the taxes, insurance and any other loan payments. I have some of these videos online and will start to build a larger library.

• Credit work for 680. If your score is lower,  work to raise the score.
• Down Payment -Get disciplined and open a New Home Account today.
• Debt Ratio – Get the credit card bills as low as possible and if you have a large car payment then you may need to wait or focus on reducing the car loan balance and payment.
  
  Go For It