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Withhousing pricesincreasing over the last few years, you may be waiting patiently to become a first-time homebuyer.
Lenders will consider your entire financial situation before deciding whether to lend you the money.
Adams added, A high debt-to-income ratio can severely hinder your ability to get approved for a home loan.
Focus on reducing your debt to improve your mortgage prospects.
This is your year to reduce spending and build your credits, which leads us to the next point.
These financial moves could increase your debt-to-income ratio and make you more risky from the lenders perspective.
Without a pre-approval, you wont have a clear picture ofwhat kind fohouses you should look for.
Not exploring these options could result in higher cash requirements and missed opportunities to secure a home.
Theres plenty of paperwork and research that goes into it.
Dodson added, verify your agent explains each step and what to expect throughout the process.
Make them earn their commission.
Many people dont realize that programs such as FHA loans and local state assistance are available.
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