8. Have your credit ready
Purchasing your first home is one of the biggest financial decisions you will make, and you want to be prepared. Gather necessary documents, such as your credit report, and identify any problems with your finances so you can fix them ahead of time.
9. Wait on any large credit purchases
As a first-time home buyer, it’s important to hold off on any large credit purchases, such as a lease or car loan, as it can impact your debt-to-income ratio. This number will directly affect whether you qualify for a loan. So, if possible, wait to make any large purchases with credit.
10. Season down payment funds
Some lenders require a seasoning of your funds, which means that your down payment must be in your account for a set amount of time. It’s crucial to know these conditions to ensure that the closing on your dream home isn’t delayed.
Now that you have these top 10 tips under your belt, it’s time to check out the housing market and find your dream home!