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Are You Ready for Homeownership?

Provided by the International Finance Corporation

Answer each question by either selecting "yes" or  "no."  

  1. Are you sure you want to buy a house?
    YES
    NO
  2. Do you have steady income and stable employment?
    YES
    NO
  3. Do you anticipate remaining in the same geographic location for the near future?
    YES
    NO
  4. Have you created a budget so you know how much you can realistically afford to pay for on-going housing expenses (i.e. mortgage, utilities, insurance, repairs)?
    YES
    NO
  5. Do you have an established credit record or can you build a nontraditional credit history with records of payments to previous landlords, utility companies, insurance companies?
    YES
    NO
  6. Is your credit profile favorable? Do you pay your bills on time? Have you defaulted on any obligations in the past?
    YES
    NO
  7. Do you have enough money saved up for a down payment and closing costs? If not, can you enlist the aid of relatives or government or non-profit agencies?
    YES
    NO
  8. Have you been "prequalified" by a lender so you know how much you can borrow based on your income and existing debt?
    YES
    NO
  9. Is your existing debt low enough that it will not limit your ability to qualify for a mortgage? If not, can you pay down your debt before you attempt to buy a house?
    YES
    NO
  10. Have you compared and contrasted the benefits and requirements of the various mortgage products that are available to homebuyers?
    YES
    NO
  11. Have you attended a homebuyer education seminar (if one was offered)?
    YES
    NO
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