Prospective Homeowners

Prospective Homeowners now, more than ever, need to carefully consider all of the benefits and downsides to home ownership before making a buying decision. Buying a home is, for most families, the single largest purchase they will ever make in their lives and, as recent economic activity has shown, market values can fluctuate dramatically and so too can rates of unemployment.

The Heart Program advises all new homeowners to get as educated as possible before buying a new home. With economic uncertainty in the present and foreseeable future, we recommend:

1. Buying only if you have long term, stable employment and reason to believe your employment will remain stable
2. Buying only if you plan to live in your home for 10 years or more
3. Putting a sizable down payment on your mortgage of 10.00% to 20.00%
4. Insure your combined monthly mortgage payment, taxes and homeowners insurance and HOA payments, if applicable, do not exceed 35% of your combined household income
5. After making all monthly payments, you should have enough left over to save 10.00% of your monthly income
6. Establishing an emergency savings fund that will give you enough cash to live on and pay all of your expenses, new mortgage included, for a minimum of six months

More Information Government Resources


U.S. Department of Housing and Urban Development






Federal Reserve Board



FDIC


FTC



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The Beehive





Know Your Rights


HUD





FDIC



FTC

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National Credit Union Administration