10 Beginning Steps To Home Ownership

1. Decide whether a condominium, co-op apartment, single home or multi-family dwelling is your dream home come true.

2. Gather together your W-2's and tax returns for the last two years.

3. Collect a minimum of 2 pay stubs.

4. Prepare two months worth of credit card and bank statements. How much is in savings and what are your monthly expenses?

5. Get a credit report done. You need to know the score BEFORE you apply for a mortgage. The score influences the interest rate and loan terms offered. Good credit is 640-700, excellent credit is 700.

6. If credit report score is below 640, consider speaking with a financial counselor on how to improve your score. Also, correct any errors on the report. Doing so will save you money.

7. Find a local Bank Loan Officer or a reputable Mortgage Broker. If you belong to a union, like DC37 or 1199, often they have special member services specifically aimed at helping you find an affordable loan for your dream home.

8. Get pre-approval for a mortgage - it will help you in finding the right home for the right price.

9. Find a real estate broker that understands your personal requirements; for example, you may need a home close to public transportation in the city because you don't drive.

10. Ask questions. Find out if you qualify for special loan programs that provide down payment assistance. Take a first home buyer's class from your local bank, credit union, or community board.

If you have experience purchasing a home, know of special programs, or have any comments or questions, don't hesitate to post.