Truly affordable housing
Many buyers make a common mistake when purchasing a home by trying to buy too much house.
You've been told that you should be pre-qualified for a loan before beginning your home search in earnest, and that's true. Knowing your top end is the first question to answer when searching for your new house and neighborhood. A word to the wise - just because a lender qualifies you for, say, a $150,000 loan, doesn't mean you should necessarily buy a $150,000 house.
Consider the fact that most people want to buy some creature comforts for their new home. After all, it's human nature to sit in your new place and want new curtains, a big, soft couch, and a fancy flat screen TV.
If you're purchasing an existing house, you'll probably want to make some immediate changes. This could be as simple as buying a little paint and new cabinet hardware, but it could also be significant - like new flooring or a patio. In either case, having a little extra money is a good thing.
Also, there are always unforeseen expenses involved with homeownership. It's better to have some money at your disposal instead of being stretched too thin every month because of high mortgage payments. Suppose your wastewater line fails and needs to be replaced. You have to come up with thousands of dollars for work that must be done today. If you're spending every extra penny on your mortgage, it's very difficult to accumulate any substantial savings.
Make sure there's enough room in your budget to pay for utilities and routine maintenance, too. It's not as much fun to own a large home if you can't keep it at the temperature you want.
Did you know that according to HUD, housing is considered affordable when a homeowner pays no more than 30% or his or her income on mortgage, property taxes, insurance, and utilities?
Some Texas REALTORS® have dedicated themselves to affordable housing by participating in a special 12-hour training program, called the Texas Affordable Housing Specialist certification. So if you're in the market for a new home, you can find a certified Affordable Housing Specialist Like TIFFANY SHARKEY AND TONYA PEEK AT 214-356-4472.