Becoming a homeowner is significant for many people, but that doesn’t mean it’s the right step at every stage in a person’s life. With the homeownership program at Habitat for Humanity of Bucks County, individuals may be more ready for homeownership than they realize. Here are a few key indications that someone is ready to take this important step.
Is There a Steady Source of Income?
Balancing a stable income is the first step for anyone interested in buying a home. This will be essential in order to qualify for traditional loans or apply to the Homeownership program through Habitat for Humanity of Bucks County. In addition to maintaining a steady household income, applicants must also maintain a satisfactory credit score or complete credit counseling to get on the right track. Through the Homeownership program, prospective candidates can take advantage of free homebuyer-readiness courses and access one-on-one financial coaching to learn how to pay down debts, improve credit and increase savings.
Are the Monthly Fees Affordable?
Through Habitat for Humanity of Bucks County’s program, monthly mortgage payments typically range from $900 to $1,300, which include taxes, insurance and interest. Homeowners should also account for other monthly expenses, such as water and trash collection fees, weather-proofing and winterizing a home, and other utilities that may have previously been covered by one’s landlord.
Is It Time to Decide on a Permanent Location?
Unlike paying rent, purchasing a home is a long-term investment. For this reason, before purchasing a home or looking into housing programs in a specific area, it’s important to feel confident that one wants to live in the area for at least several years if not the rest of one’s life. In addition, applicants to the Habitat for Humanity of Bucks County homeowner program will want to demonstrate the need for permanent housing in their desired location. This could include factors such as currently living in an overcrowding situation, unaffordable rental market, unsafe living conditions, or the inability to buy independently due to the high costs of living in the area.
Is Now the Time for More Responsibility?
It’s easy to look around at friends and family who are homeowners and assume it’s time to buy a home. In reality, owning a home comes with a large amount of responsibility that isn’t for everyone. This includes home maintenance and repairs, staying current on payments, and committing to living in one place for several years. This sizeable responsibility should not be taken lightly.
Becoming a first-time homeowner is a process. Here’s a quote from a recent financial literacy course graduate, “Listening to the seminar was encouraging because we as a family went through the barriers and found success.” For more information about housing programs here in Bucks County and how to give back to the community, read more about what we do at Habitat for Humanity of Bucks County or call us at 215.822.2812 today. Prospective applicants can complete the homeownership inquiry form online.