Goals Toward Homeownership

rockers on the porchOwning a home has long been a primary goal for most people. And the good news is that homeownership has become more available in the past twenty or thirty years. So if you dream of owning your own home, I’d like to share some smaller goals you can work on to achieve it:

Organize. Start right now setting money goals and devise a plan to reach them. First of all, you are going to need some cash for a down payment. Go to http://www.hud.gov/buying to learn more about how to buy a home. Use HUD’s Housing Counselors to help you manage your money, learn about credit, and answer any questions you will have. There is even a federal site that will provide tools and materials to help you have a better understanding of money and economics at http: http://www.federalreserveeducation.org.

Watch Spending and Savings. When I tell you to put a little money aside every month, I know it’s not easy and that you will have to make difficult choices. But you need to keep your eye on the prize. Educate yourself about compound interest. You can even educate your children to be savers by helping them understand that investing a little can bring them a lot. Http://www.mymoney.gov gives the basics of financial education.

Elevate Your Credit Score. If you want to buy a house or do much else in life, you need to be concerned about your credit. You’re not going to be able to get financing for the house you want if you have a bad credit record, so go to work on it right now. Go to http://www.annualcreditreport.com to obtain your credit score. Learn the ABCs of Homebuying on http://www.hud.gov/webcasts/archives/homeforall.cfm. For information about credit scores and reports, go to http://www.homeloanlearningcenter.com.

There are a lot of people who are willing to help you realize your dream of home ownership, but they can’t do this for you. Get yourself organized and go to work aiming for your dream home.

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