What’s an affordable homeownership initiative?

Bank of America started a program to help families purchase homes. What began as a $5 billion initiative has now tripled to a $15 billion one! By 2025, Bank of America plans to help over 60,000 families become homeowners. 

Are you on a house-hunting mission? In addition to affordable homeownership initiatives, low-interest rates are also helping families make the switch from renting to owning. If you’re wondering how to find the right home for your family, then this article’s for you. 

Read on to learn 4 of the best tips for finding your dream home, sooner rather than later.

1. Master the Preapproval Process

First, you should complete the prequalification process to make sure you’re financially prepared to purchase a home. Here are 4 things you can do to prepare for the prequalification process:

  1. Get a credit score
  2. Check credit history
  3. Figure out debt to income ratio
  4. Print income verification

Going through the pre-approval process right away will also open you up to see more homes. Due to COVID safety restrictions, there’s a lot of properties that won’t let you do a walkthrough unless you’re already preapproved.

2. Stick to Your Budget

Next, finding your dream home is an emotional journey. Once you find a place that checks all of the boxes, it can be tempting to overspend. Resist the urge to go outside your budget, no matter how much you like the property. Instead, hold out. Your dream home and price are out there, you just have to be patient.

3. Lifestyle Based Location

Moving on, it’s helpful to come up with an ideal dream location you’d like to move to when you’re buying a house. Instead of only focusing on the specifics of the house, consider the space outside your front door.

Do you want to live on 5 acres in a cozy country setting? Are you hoping to have a fast commute, and quaint dinner spots just a walk away? Get specific about the location, and then start narrowing down your house needs.

4. Pick a Dream Home Style

Simply deciding between a 3 bedroom and 4 bedroom house isn’t enough to find your dream home. Instead, you’ll want to filter your search by deciding what style your dream home would be. Here are a few home styles to consider:

  • Farmhouse
  • Cottage
  • Ranch-style
  • Colonial-architecture
  • Mid-century modern

Finally, hit the roads house hunting. You never know when you’ll stumble across the perfect place that hasn’t been posted online yet.

Make Finding Your Dream Home a Reality

Now it’s time to make finding your dream home a reality. If you haven’t already started the preapproval process, go ahead and reach out to a lender today. While you’re waiting to hear back about your approval status, start narrowing down your preferred house styles and locations.

Are you going to opt for a modern style home or a cozy vintage cottage? Do you want a big or small yard? Remember, the more you narrow down your search, the easier it’ll be to find a forever home! For more tips like these, read another article.

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