The 10-Step Plan to Buying Your First House in 5 Years

Save, save, save

First things first: You need to start a savings fund for your home purchase. “Home buyers should have at least 10 percent of the purchase price of the home in their savings account,” says Randall Yates, CEO, The Lenders Network. “In addition, lenders like to see at least two to three months’ worth of mortgage payments in reserves.”

There are also different types of mortgage programs available for new or low-income buyers that require a lower down payment, so be sure to research your qualifications for these programs while socking away the savings. Check out the 15 questions everyone should ask before buying their first home to make sure you are ready to get your set of keys.

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