Buying your first home is a little bit like learning to use a computer. Although I consider myself to be less computer literate than my 8 and 10 year old granddaughters, writing a blog does make me feel like I am at least in the right century. If someone were to ask me what is the most important step that one should take if they are serious about  home ownership, I would say that you need good credit.

It would be nice to have some savings, but oftentimes loan programs are available that require very little money down, however, you have to have good credit to qualify.  This means pay your rent on time and keep receipts if you pay in cash. You may need to provide a lender with copies of the checks that you wrote for rent, but these can be obtained from the bank that maintains your checking account.To build good credit, make loan payments in a timely way with no late payments. Also, pay more than the minimum required on your credit card accounts.

Take care that your spending is well within your means so a lender can see that you earn enough household income to cover your debt and still be able to afford a mortgage payment that includes taxes and insurance.

Most sellers require at least $1,000.00 as a good faith deposit on a home, and you should be prepared for the costs of a building inspection, septic inspection, water and radon testing as needed.

When you are ready, call us at Despres and Associates, Inc. at (603) 532-8742 and we will refer you to an appropriate lender who will provide you with a pre-qualification letter and give you some guidelines about what would be affordable to you.  The rest is fun and games!!