Let me tell you, going through the home buying process is not an easy task, even a harder task when you have endless projects at work and taking a double load for an MBA program. There is no thing as impossible when your determination is so high, everything is possible with faith and determination.
I will be going through some steps that will help anyone that will be going through the same journey.
Payoff as Much Debt as Possible
After going to school for pretty much my whole life, it is very easy to rack up debt for classes, supplies, books, and materials. Before I decided to purchase a house I wanted to pay off as much debt as possible.
After cutting down my debt my credit score went up 120 points, the higher your credit score the better rate you will get. Also the lower your debt to income ratio is the better chance you have to get approved for a loan.
Save For a Down Payment
Put your money away for a down payment, obviously the more you save the better. If you are having trouble saving up a down payment many states and counties have assistance programs for first time home buyers.
Find The Right People For You
This one is major and something I cannot stress enough. Being a single Hispanic woman with no children, many people in this process did not take me seriously. So make sure to create a team that understands that your needs and wants is priority. Do your research and look at all of your options.
My realtor was a little older than I am and was knowledgeable in my area. He was very understanding and patient with what I wanted in a house.
My home inspector was literally my savior. He got me out of a contract for 2 different houses after finding out I will be getting myself into a messy situation. He was very thorough through the entire process. Even my realtor said that he was the most thorough inspector he ever met.
My mortgage broker was unfortunately a different story. He was recommended through the realtor's office and he was a male chauvinistic and unorganized individual to say the least. When I would ask specific questions he would never want to give me the correct answers, or he would not explain it to me because he thought I wouldn't understand. So I had to do a lot of my own research when it came to the mortgage.
Do Not Go Over Your Budget
I had a very strict budget for myself that I did not want to go over it. I was approved for a higher mortgage, but after lots or research I found that your mortgage should be 25% of your salary. I wanted to stay as close to that as possible. I have also seen too often that people get sick or lose their jobs, then they are stuck with such a large mortgage payment and stress about making the monthly payments, then could possible lose their home.
Do Not Settle
I had my heart set on a little older house, I wanted a solid house with good bones and character. Although I looked at many different styles of houses and townhouses, I knew that I would not be happy until I found what I wanted. With that being said, there is no such thing as a perfect house that has everything on your wishlist. You will be looking forever if that is your ultimate goal. You can always remodel a room, build a garage, add a deck, etc, but you can't change the area, land or neighborhood. As long as the house has 80% of what is on your wishlist, put in your offer.
After putting putting offers on 12 different houses, and having 2 home inspections go wrong, I was about to give up until my little 2 bedroom house that was built 1900 fell in my hands. Although there were times I wanted to give up, I kept on hanging on and I am so glad I did.
I hope these tips help you on your house hunting journey or help you prepare for that chapter of your life. Make sure to surround yourself with a positive tribe and don't get discouraged if finding your house becomes difficult. I cannot wait to share more tips about homeownership!
Con Amor,
Adriana 💕
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