Getting Ready to Buy a Home: 5 Best First Steps Series--Part 3

Real Estate Broker/Owner with The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY REB.755648

Stash the Cash!Best Step 1 - Check Your Credit Now

Best Step 2 - Diminish Debt

If you're getting ready to buy a home and you've completed the first two steps above, it's now time to start saving!

Best Step 3 - Stash the Cash!

The no-down-payment loans and some low-down-payment loan programs have tighter requirements than ever before.  Trust me, you'll always need a little more money than you think, no matter how much research, planning and preparation you do before buying a home.

Even if you've saved up that 3-1/2 percent down payment for the FHA loan program, or 5, 10, or even 20 percent or more for that conventional loan, KEEP SAVING!

The more surplus you have, the better the loan underwriters will assess your overall qualifications for a mortgage loan.  Some loans require that you have at least two months of reserve funds on hand AFTER making the down-payment and paying the expenses of purchasing the home (closing costs, etc), so start setting aside whatever you can, and stash that cash away somewhere you won't be tempted to spend it.

This is one time that MORE is BETTER!

Besides, once you get in that home, there will be plenty of other things for which that extra cash will come in handy.  Redecorating, new appliances and other upgrades will be fun and exciting rather than a sacrifice if you set a little extra cash aside now.

So, if buying a home is your American dream, Check your credit, Diminish the debt and Stash some cash!

Coming Soon:  More "Best First Steps" to Getting Ready to Buy a Home

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Serving the North Central Connecticut region, Hartford County, and the communities of Windsor, Bloomfield, Hartford, East Hartford, South Windsor, Manchester, Windsor Locks, Suffield, Enfield, East Windsor, Somers and the Granbys...

Opening Doors to Home Ownership . . . The Master's Key . . .

Residential Sales, Short Sales and Foreclosure Prevention, Multi-Family and Investment Properties, Condominium and Property Management

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Licensed in the State of Connecticut, ABR, CRS, GRI, PSCS, SFR, Notary Public, Lic. #REB.755648

 Broker/Owner of The Master's Key Realty LLC, 340 Broad Street, #320, Windsor, Connecticut 06095

To contact Lisa, call 860-688-1400 or send an e-mail to

Copyright, Lisa Orme, 2010.  All rights reserved.


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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Such great advice for anyone thinking about future home ownership. Don't forget USDA & Va, that requires no money down.

Jan 24, 2012 05:50 AM #1
Lisa Orme
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY - Windsor, CT
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu

Yes, Joe, my first draft on this almost said,  "The no-down-payment loans are gone", but USDA and VA are  always there for our military personnel and for those areas where the USDA requirements can be met.  Both of them are great opportunities that still exist for no-downpayment purchases.

Jan 25, 2012 02:25 AM #2
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Lisa Orme

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