Are you renting a condo, townhome or single family home in Southern California and are thinking about buying a home? You’re not alone. Many renters are interested in buying homes right now but, the reality is that now may not be the right time for every tenant to buy a home, especially for these reasons.
Your Job Must Be Secure
One of the first things that a mortgage lender will look at is your job, they will want to know that your current job is secure because a stable job means that you will be able to repay your mortgage loan over time.
Most lenders will want to see that you have a steady employment history with income that’s grown over the last 12 months and you must be able to back this up by providing proof of income in the form of paycheck stubs and your tax returns.
Buying a Home Shouldn’t Be a Stretch Financially
If buying a home is going to be a stretch for you financially, it would be a better choice for you to wait another 12 months and take that time to pay down debt, build your credit, and save money for a down payment on a home because this will only make your job of buying a home easier once you are ready to become a homeowner.
Although you may want to become a homeowner now, you shouldn’t look at waiting for another 12 months as a failure because, taking the time to do things like save more money for a down payment on a home, and improve your credit score will only help you to be a stronger, more qualified buyer when you are finally ready to start searching for a home.
Contact Fred Sed Realty
At Fred Sed Realty we specialize in helping tenants who are working today becoming buyers. We can help you make the transition to becoming a buyer and ultimately help you to find the home that you deserve.
Contact us today by calling (800) 921-9231 or connect with us online.