Eight Steps to Getting Your Finances in Order

  1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses such as car repairs, illnesses, etc., as well as predictable costs such as rent.

  2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to a between 8 and 10 percent of your total income.

  3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

  4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high enough level to qualify for the home you want

  5. Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20-percent downpayment.

  6. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

  7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

  8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. pay of the entire balance promptly.

 

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

Click here for printer-friendly format

Contact Annisha

If you are a renter and NOT working with an agent, please complete the form below for a list of properties.

If you are a buyer, please submit your "wish list" of must-haves. 

If you are a seller, your address is sufficient for me to pull closed sale comparables. 

If you are a Housing Choice or subsidized housing participant, please enter your expected move in date, your Housing Authority, your voucher size, the voucher expiration date, TTP or S8/Rent Burden figures. I will then send you a list of available rental properties, photos and qualifications. Upon receipt of your selections, I will coordinate showing dates/times.

PLEASE NOTE: Due to the overwhelming demand for rentals, we can not hold a home without a refundable good faith deposit. I am a Realtor® not a scam artist. I will not lose my license over your refundable good faith deposit. Once you are approved, I bring the deposit to your move-in and perform a walk-through with the owner/agent. If you are denied, we can apply your deposit to your next choice OR holding Broker will refund it. If you do not want to secure your deal, I can not help you. No one is holding homes in this HOT marketplace with just your voucher. Trust me. Not happening. I am getting several offers overnight on listings.

* Required