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6 Must Do's Before Buying A Home – City Property Solutions

Don't let the house of your dreams get away. Follow city property solutions checklist of 6 must-do items before buying a home.

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6 Must Do's Before Buying A Home – City Property Solutions

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  1. 6 must-do's before buying a home

  2. Strengthen Your Credit Score • One old rule still applies: The higher your credit score, the lower your monthly payments. • "Below 660 or 680, you're either going to have to pay sizable fees or a higher down payment," Zigas says. And that's pretty much the cutoff score for getting a mortgage, he says.

  3. Figure Out WhatYou Can Afford • The buyer's mantra: Get a home that's financially comfortable. • There are various rules of thumb that will help you get an idea of how much home you can afford. If you're using FHA financing, as almost one-fifth of buyers get FHA-insured loans, your home payment can't exceed 31 percent of your monthly income. But with some mitigating factors, FHA will let you go higher.

  4. Save for Down Payment, Closing Costs • Depending on your credit and financing, you'll typically need to save enough money for a down payment -- somewhere between 3 percent and 20 percent of the home's price. • If you're using FHA financing, then you need a credit score of 580 or higher. • One exception: Veterans Affairs loans, which require no down payment.

  5. Build A Healthy Savings Account • Building your savings is something you should do over and above saving money for the down payment and closing. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate. And some lenders and backers, like the FHA, will give you a little more latitude on other factors if they see that you have a cash cushion.

  6. Get Preapproved For A Mortgage • For serious home shoppers, "the No. 1 thing is they better have everything in order," says Dick Gaylord, broker with Re/Max Real Estate Specialists in Long Beach, California, and former president of the National Association of Realtors. That means that, before the real home shopping begins, you want to get financing in place, he says.

  7. Buy A House You Like • If you're buying today for yourself and your family, you want a home that will make you happy for the next few years. • Gone are the days when you could count on a quick sale, Tiffany says. And depending on how much you put down, and how much you have to shell out to sell and relocate, short-term ownership can be a pretty expensive proposition.

  8. Contact Us • City Property Solutions • 7310 Knollwood RdTowson, MD • CA 95128 • http://www.citypropertysolutions.com • Resource:- http://goo.gl/VN91mv

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