Categories: Articles, Columnists, Harlem, Rev. Dr. Charles Butler,
Home Buying in Harlem
Be Prepared to Buy Now
By Rev. Dr. Charles Butler
Too many prospective first-time home buyers are getting distracted by outside influences that are preventing them from successfully moving forward to complete the purchase of their home.
I understand that sometimes unexpected circumstances can throw you off course momentarily. You must, however, maintain focus while overcoming these temporary obstacles and keep your eyes on seeing the home buying process through to completion.
Here are a few suggestions to help you minimize distractions and maximize your efforts: (1) Start with determining a projected purchase date. Use this date as the target date when you expect to become “mortgage ready.” To become “mortgage ready,” you will need to have money saved. In today’s market, this amount will be at least a minimum of $30,000 or more. You must have an acceptable credit score (preferably 640 or higher) with 3-4 lines of active credit accounts and a minimum of two consecutive years of work history. These are the basic requirements most of the major lenders will request from you when applying for a pre-approval letter.
This date will help you maintain focus throughout the home buying process. It will help you push past those times when you feel like giving up. You will remember that you are on a mission. Let nothing impede your home buying progress. If a minor setback does unfortunately occur, you can revise your projected purchase date to reflect the time that will now be required for you to complete your goal. Whatever you do, by all means, do not get discouraged and discontinue the home buying process.
(2) Create and use your monthly household budget to anticipate how much you can save each month in determining a date. You want to aggressively save as much money as possible for your
home. The more you can save, the sooner you will be ready to buy. Now it will become critical to identify and eliminate all wasteful and unnecessary spending. Join our Lending Circles savings program if you are having difficulty saving on your own. If you are interested in this program, go to the website – www.lendingcircles.org and enter my zip code, which is 10039.
(3) Use reminders to help you stay motivated. Put your projected purchase date on your mirrors and the refrigerator and carry it around in your wallet or purse. Take a picture of your dream house or apartment. Visual images can be a powerful tool in making your
dream a reality. Continue to remain positive throughout the process. Each step will bring you closer to your goal.
Aim at your target. You probably will not hit anything if you are not shooting at something! Before you know it, another year will be gone, and you will be in the same situation, wondering what happened.
If you are interested in attending a HCCI workshop or have questions regarding the home buying process, contact Rev. Dr. Charles Butler at (212) 281 4887 ext. 231 or email cbutler@hcci.org.
