Step 3 - Budget

Do a personal budget and determine what you feel comfortable paying every month for housing. This is a critical step in the homeownership process because you want to be able to answer the question “How much am I comfortable paying every month for housing?” which may be less than the mortgage payment that you can qualify for. In addition, if you need to save money for a down payment and closing costs, personal budgeting will help you to achieve your goal more quickly. Many good resources exist however here are a few that you may find helpful.

www.thebeehive.org/money/budget

www.BetterBudgeting.com

www.foxway.com

Are there programs that can help me save for a down payment?

What are the tax advantages of owning a home?

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