As part of your journey towards homeownership, there are actionable steps you can take that will help you qualify for the highest level of home benefits that are
available to you!
By participating in the Hero Home Programs, we are here to help guide you through those next steps, because we want you to get into the dream home you love - at a great price that you can afford.
At the Hero Home Programs, we want to do everything in our power to help you with your credit if that’s something you need, because the higher your credit, the MORE SAVINGS you can qualify for on your home purchase!
CLICK HERE for a Free Credit Repair Guide with information on how to boost & maintain your credit score.
At the Hero Home Programs, we want to do everything in our power to help you with your credit if that’s something you need, because the higher your credit, the MORE SAVINGS you can qualify for on your home purchase!
CLICK HERE for a Free Credit Repair Guide with information on how to boost & maintain your credit score.
Add up all your income sources
Determine whether your income sources are stable and likely to continue
Learn what it takes to verify your income when buying a home
Understand what types of secondary or non-traditional income sources may be taken into account when getting approved for your home purchase
Here are 3 benefits to creating a budget when preparing to buy a home:
Determine how much you can comfortably afford as far as a monthly mortgage payment
Get crucial info you need to create a plan or strategy for saving
Identify any spending habits you can improve or extra expenses you can eliminate
Go back through your bank statements and credit card charges to review your monthly spending. List out all your fixed expenses (rent, utilities, phone bills, car payment, etc) in one column.
Next, create a list of all your variable expenses (groceries, fun, shopping, etc) in another column. Because these expenses change from month to month (especially during the holidays), you may want to go back over the last 3-6 months and find the average to estimate your monthly variable expenses.
Add up all your income sources
Determine whether your income sources are stable and likely to continue
Learn what it takes to verify your income when buying a home
Understand what types of secondary or non-traditional income sources may be taken into account when getting approved for your home purchase
Learn how to calculate your debt-to-income (DTI) ratio
Know what the ideal DTI ratios are when buying a home
Use the ideal Housing Expense DTI to get a rough estimate of what you can afford as far as a monthly mortgage payment
Here are 3 benefits to creating a budget when preparing to buy a home:
Determine how much you can comfortably afford as far as a monthly mortgage payment
Get crucial info you need to create a plan or strategy for saving
Identify any spending habits you can improve or extra expenses you can eliminate
Go back through your bank statements and credit card charges to review your monthly spending. List out all your fixed expenses (rent, utilities, phone bills, car payment, etc) in one column.
Next, create a list of all your variable expenses (groceries, fun, shopping, etc) in another column. Because these expenses change from month to month (especially during the holidays), you may want to go back over the last 3-6 months and find the average to estimate your monthly variable expenses.
Add up all your income sources
Determine whether your income sources are stable and likely to continue
Learn what it takes to verify your income when buying a home
Understand what types of secondary or non-traditional income sources may be taken into account when getting approved for your home purchase
Learn how to calculate your debt-to-income (DTI) ratio
Know what the ideal DTI ratios are when buying a home
Use the ideal Housing Expense DTI to get a rough estimate of what you can afford as far as a monthly mortgage payment
Some expenses that you may need to account for include the down payment (if applicable) and closing costs. But it’s also a good idea to have extra savings on hand for moving costs, emergency repairs, and maintenance.
Click here for more information on down payment, closing costs, and cash to close.
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Any resources published by The Hero Homebuyer Programs™ are for general, educational purposes only, do not constitute personalized financial advice, are not guaranteed to provide accurate results, and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. The Hero Homebuyer Programs™ is not affiliated with any government agency. For our full disclaimer regarding all resources published by The Hero Homebuyer Programs™ , click here.
Copyright © 2023 All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Savings, if any, vary based on consumer’s credit profile, interest rate availability, and other factors. Contact lender for current rates. Restrictions apply. Equal Housing Lender.