If you’ve been following the housing market for the last couple of years, you have probably thought about buying a home. The question you probably have is, when will be a good time to buy a house? You should probably ask yourself instead, is it a good time in my life to buy a house?

Buying a home depends on your financial situation, life goals, and readiness to become a homeowner. A few things to consider…

Being financially prepared

Remember that you don’t pay for a purchase price, you pay for a mortgage. Your down payment is an important part of the home buying journey. Luckily, there are many down payment options (other than having 20% down) available today.

• 0% down VA

  Verify your mortgage eligibility (Dec 21st, 2024)

• 3.5% down with no mortgage insurance up to $1.5 million

• 10% down with no mortgage insurance up to $2.0 million

• 3.5% FHA

  Verify your mortgage eligibility (Dec 21st, 2024)

• Using restricted stock units (RSUs)

In addition to your down payment, you should also have enough saved to cover the closing costs. Typically, 1%-3% of the purchase price.

Your life goals

Putting down roots is a big commitment, and ideally, you would want to live in the home long enough for property values to rise and your equity to exceed the upfront costs you paid. Reasons why you might settle down in an area.

• Receive a job offer

• Move closer to friends and family

• New family situation

  Verify your mortgage eligibility (Dec 21st, 2024)

• Outgrow their home

If you are curious about how many years it would take to recover the upfront costs, you can speak to one of our loan officers to run the numbers.

To start preparing your finances for a pre-approval you can read more HERE

To calculate your debt-to-income ratio, read our blog HERE