Are Your Financially Ready to Buy a Home?
Becoming a homeowner is a goal for many people but can sometimes feel like a pipe dream depending on your financial situation. At DNA Home Team, we work with clients for months, even years sometimes to help along the way by answering questions, getting them in touch with lenders, and speaking with financial advisors all to create a plan to put them in a good spot to buy!
But how do you know if you’re ready to buy? Well the first step is to talk with a realtor and a lender. In general, you can get into a home for $1000 down with the Colorado Housing and Finance Authority (CHFA). You need a credit score of 620. If you are active duty or retired military you can get into a home with no money down and no minimum credit score. If you have a credit score of 580 you can get into a home with 3% down of purchase price. Two years of consistent employment in the same job field or pay range is also something that is looked for! If you are relocating to Colorado Springs or Pueblo, and you plan to start a new job in town, you will need to have a job offer before you are able to purchase a home.
Once we refer you to a few great lenders, the next step is to fill out a lending application when you are ready and feel comfortable. The lending application will ask you to input documents and information such as your work history, paystubs, taxes, previous addresses, and the like. Lenders will also pull your credit score to make sure it is in the right range. This data is then used to determine your pre-approval amount which will determine what the lending company can guarantee a for, given that there are no sudden or dramatic changes in your financial situation.
Once you receive your pre-approval, as your realtor, we can start showing you homes within your budget that meet your specific needs and criteria! Remember, DNA Home Team will be with you every step of the way.
If you are a first time home buyer, relocating to Colorado Springs, or just looking to buy another property, get in touch with us today and let’s start the process!
Anthony Petti, Real Estate Broker
Cell: (719) 440-3361
Keller Williams Clients' Choice Realty
1175 Kelly Johnson Blvd, Colorado Springs, CO 80920
Office: (719) 535-0355