Your Route to Homeownership: Is Homeownership Right for You?

The answer depends on your financial situation, your future plans, and what you hope to do for yourself and your family by buying and owning a home.

Let's start with your financial situation. Ask yourself the following questions:

• Do I have a steady, reliable source of income and a steady employment history for at least three years?
• Do I have a good credit history and understand how to manage credit?
• Is my total debt manageable? Can I pay all my bills on time and still afford to take on the costs associated with homeownership?
• Can I save money for down payment and closing costs or do I have access to other sources of funds, such as an employment bonus, tax refund, or a gift from a relative?
• Do I have adequate savings to weather an unexpected loss of income or an emergency?

Next consider your future plans. Can you balance the costs of owning and maintaining a home (like repairs and maintenance) against other major expenses, such as buying a car, taking a vacation, saving for college or raising a family?