Are you ready to purchase a home, but you’re not sure if you qualify for a mortgage? In the latest Housing Opportunities and Market Experience survey by the National Association of Realtors, non-homeowners were asked about what they believe would prevent them from purchasing a home. Limited income was No. 1 (47 percent of respondents), followed by student loan debt (30 percent), rising rent (28 percent) and health and medical costs (14 percent).
Non-homeowners were also asked the potential reasons why qualifying for a mortgage would be difficult. Again, income was the top factor (45 percent), followed by less-than-perfect credit (34 percent) and too much debt (26 percent). Another 29 percent said they lacked the financial knowledge or did not know the first step needed to qualify.
If you want to purchase a home, but you’re not sure if you are in the right financial situation to do so now, it’s never too early to visit Primary Residential Mortgage and discuss your financial situation. Visiting us early can provide you with the information you need to be a better home loan candidate and can provide an outline of what you need to do to be in a position to buy a home. You can learn about the wide variety of home loan programs available. To qualify for a mortgage, you might need to work on increasing your credit score, pay down some student debt or do a better job of keeping your expenses under control over a period of time leading up to applying for a home loan. Put yourself on the path to homeownership, Visit us today.