Just read this great article by Frontdoor. com and wanted to share it because it does simplify the home buying process.  Please contact me at 850-545-0814 or ellie@ringtherivers.com if you would like to get started!

Sure, owning your own home is the American dream. It's also the largest investment most of us will ever make, so go into it knowing what you'll need when you go from tenant to owner -- and what you won't need.

Here's what you'll need:

1. Enough money to make monthly mortgage payments.
Duh! If a mortgage payment will bust your budget, you can't get rid of your landlord yet.

 

2. Enough income to pay property taxes and homeowner's insurance.
The mortgage isn't the only cost you'll have each month. You also have to pay taxes and insurance. If you can't make those payments, say bye-bye to the house.

3. The ability to maintain the property.
You must keep a home in good repair or it will lose its value and you'll lose money. You can do the work yourself or pay someone to do it. Either way, you can't ignore the peeling paint and the window that won't close like you did when you were a tenant.

4. A decent credit record.
If you have lots of late payments, have declared bankruptcy or left old debts unpaid, it's harder to get a mortgage. And if you do get one, your bad credit record will make you pay a much higher interest rate.

Here's what you won't need:

1. A big down payment.
It's best to make a big fat down payment so you can skip paying private mortgage insurance and lower your monthly payments, but you can buy a house for almost nothing down.

2. Experience
In most major cities, real estate companies hold home-buyer education classes for first-timers. Go, even if you have no immediate plans to buy. The information you get can lead you to other sources of help.