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Guide For First Time Home Buyers - Step 2
 
Guide For First Time Home Buyers - Step 2
 
 
Step 2: Determine what you can afford.
 
Now that you've found a REALTOR, your REALTOR can guide you through deciding what you want or need and what you can afford. However, there are some crucial things to know before committing to owning a home.
 
When buying a home, a first time home buyer must have:
-a guaranteed income and proof of that: when trying to get a loan, a lender will want proof that you are capable of paying back the loan. You will need to show copies of your pay stubs and proof that you receive a steady income.
-established credit history: A record of an individual's past borrowing and repaying behavior, listing personal information, credit lines currently in the person's name, and risk factors such as late payments or a recent bankruptcy.
-a good credit bureau score: A number representing the possibility that a borrower may default (miss a mortgage payment); it is based upon the borrower's credit history and is used to determine his/her ability to qualify for a mortgage. An average, good credit score number typically lies around a 670.
 
 
Term to know:
Debt-to-income ratio: A figure that calculates how much of a person's income is ... more

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