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News Nudges Charlotte Renters Toward Homebuying

Last week’s “Moneywatch” article on CBSNews.com was a surefire attention grabber. It promised to reveal a single “must do” tip for first-time homebuyers. The main point covered familiar ground—but within the supporting information were some facts that could nudge some Charlotte renters into becoming first-time homebuyers.
 Although the headlined “Don’t Buy a Home Without Doing This First” tip was good enough advice (“build your budget”), the details for how to accomplish that were hardly groundbreakers:
         Experts advise holding mortgage payments to a maximum of 28% of gross income.            Budget for more than just the mortgage amount: allow for upkeep and extras, remembering that “rent is the most you will pay, but the mortgage payment is the least.”          Budget no more than three to five times annual earnings…etc. Since it’s all but impossible for Charlotte first-time homebuyers to land a home without first demonstrating to lenders that the purchase makes financial sense, serious prospective buyers would already be familiar with the need to lay out some budgetary groundwork.
On the other hand, some of the supporting information was data I haven’t seen elsewhere. Charlotte first-time homeowner candidates may have been feeling the impact of what was revealed, but seeing ... more

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