How to Be Prepared For Home Ownership
So far in this article, there has been a lot of doom and gloom. People cannot afford to buy a house, and even when they can, they still have a lot of regrets. However, the issue may be in the fact that many people do not know how to go about buying a house, especially when they have a lot of debt. It truly is possible, as long as you improve your credit score, saving, and explore all of your options. You are probably more qualified to buy a house than you think!
First, you should improve your credit score. Consolidate your debt, pay off credit cards in full, and never miss a payment on anything. Create a monthly budget, and try to figure out what you can truly afford month-to-month. Once your credit score is in a good place, gather your income information, and apply for loans. If you are a first-time home buyer, check out FHA Loans, which allows you to get a mortgage with just a 3.5% down payment. You can also apply with a credit score as low as 500.
At the end of the day, it may just be better to wait to buy a home until you are married and read to have kids. According to Investopedia, only 60% of Millennials are living with a partner or married, compared to the 80% marriage rate back in the 1960’s. A house and all of the responsibilities it entails would be much easier to own with the help of a partner. Many Millennials who are still single or dating are choosing to live in their apartments until it is time to start a family.