Stable Housing Cost
Unlike rent, your mortgage payments don’t go up over the years. In fact, the principal and interest portions of fixed rate mortgage payments remains unchanged. However, property taxes and insurance costs will rise.

Savings
Money paid for rent is the money you will never see again, but mortgage payments serve as a type of savings plan. Over time you will accumulate equity, which you can convert in cash by selling the property.

Tax Breaks
Homeowners get significant tax breaks that are not available to renters. Tax Code lets you deduct the interest you pay on your mortgage, property taxes and  some of costs involved in buying your home.

Freedom
And of course there is no place like a home , it’s yours,  you can decorate any way you want and generally you will have more space than you have in rental unit.

Ways to improve your credit

1. Credit scores, with your income and debt are a big factors in determination if you are qualified for a loan. If you do not have a traditional credit record, you can build a nontraditional credit history by documenting your monthly payments to landlords for rent, to utility companies for gas, electric, water, telephone, car insurance etc.
2. Check and correct errors in your credit history. Dispute.
3. Pay down credit card bills, possible pay entire balance every month. Transferring credit card debt could lower your score.
4. Do not charge your credit cards to the maximum limit.
5. Don’t open new credit card accounts.
6. Do not purchase big-ticket items for your home until after you closed on the house.
7. Don’t let everyone check your credit score, to many credit applications can lower your score.

Things a Lender Needs From You

1. W-2 forms or business tax return forms if you are self employed for the last two years.
2. Copies of one month’s worth of pay stubs.
3. Copies of two month’s worth of bank statements.
4. Addresses where you lived for the last three years.
5. Documentation to verify additional income, such as child support, pension, etc.

After you collect all documents get pre-qualified do not wait until you’ve found a home.

First your offer will be much less attractive and second you could be to late, a house could be sold to already pre-qualified buyer in fast moving market.

Creative ways to Afford a Home

1. Most counter offer closing cost assistance program for qualified buyers, as well as local banks.  Also, there are different programs for qualified   first time buyers. Which offer 100% financing (no down payment). Details available.
2. In some cases, sellers may be willing to finance all or part of purchase price or help with closing costs.
3. Get help from your family
4. Lease with the option to buy. 

Tips for First Time Homebuyer

1. Before you start looking decide specifically what features you want in a home and which are the most important to you.
2. Do not be unrealistic; there is no perfect home.
3. Get pre-qualified for a mortgage before you start looking.
4. Make sure you know when is your lease up.
5. Elect inspections.
6. Home Inspection Should Cover
7. Foundations, Siding, Exterior Brick, Insulation, Roof, Doors and Windows, Walls, Ceilings, Electrical, Plumbing, Furnace, Air Conditioning, Water Heater, Basement Attic, Driveways.