Have Cash Saved Up for Down Payment and Evaluate Your Finances
When you decide that it is time to buy your own home, you must have cash for a down payment. You may choose to open a savings account or a family member may give the down payment as a monetary gift.
Depending on the type of loan and any loan programs you will qualify for, typically, you would need down payment that ranges from 3% - 20% of the purchase price.
Evaluate your finances. Your credit reports are an ongoing record of how you manage your finances. It plays an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you