Considering Buying a Home?
For the first-time homebuyer, the process to purchase a home can be exciting, scary and complicated. Sawmill Community Land Trust has an experienced homebuyer counselor on staff to help walk prospective buyers through the purchase process. Her job is to not only assist, but also educate, the prospective homebuyer.
To help prospective homebuyers think about the bigger picture of being "mortgage ready", we've put together a few questions to think about. Don't worry if you can't answer "yes" to every question - - read the last paragraph, below, on our suggestions on moving ahead.
1. Do you have a stable (constant) income over the past one+ years?
2. Do you have the discipline to curtail spending in order to save for a goal that is important to you?
3. Do you feel your debt load is manageable and in balance with your income?
4. Do you have a personal savings account?
5. Do you have a good history of paying your bills on time?
If you answered “yes” to all of these questions, then homeownership through the land trust may be a good fit for you. You will need to complete and submit an application to begin the process to determine your mortgage readiness; and if you are ready, how much mortgage you can afford.
If you answered “no” to any of these questions, don’t immediately assume that you will not qualify for a mortgage. We suggest that you go through the application process to get a clear understanding of where you are financially, and to determine your readiness to become a homeowner. If there is work to do, our homebuyer counselor can tailor a no-cost action plan that will help you become mortgage ready.