Posted on: 08th Oct, 2013 01:08 am
Hello there... What are the requirements to buy a house? I am planning to buy a house next year.
One of the biggest requirements to buy a house is to have an extremely good credit situation. You should have a good credit score which will help the lender realise the fact that you are creditworthy. Once he realises this, getting a loan will be easier for you.
You need to have high credit score, adequate fund to make downpayment and pre approval on your mortgage to buy your own home.
Under general circumstances, your monthly housing cost shouldn't be more than 28% of your monthly gross income and your combined cost of both housing as well as debt service shouldn't go beyond 36% of your monthly gross income.
However, there could be some relaxations on this matter, but for that you'll have to find out from the lenders.
However, there could be some relaxations on this matter, but for that you'll have to find out from the lenders.