- Set a budget and keep to it. It will save you money and be good practice.
- Save a sizable down payment. (20 percent is a good goal)
- Have a reliable source of income.
- Have some savings – just in case of emergency.
- Limit your debts.
- Make sure your credit is good. It will help get a good mortgage rate.
- Make a long term commitment. You’ll want to stay at least 3 years.
- Be ready to be the landlord. There will be no one to call to fix it for you.
For more details, visit Kiplinger’s Personal Finance web site.
(Category: how to buy a home)