Continuing our First Time Home Buying…

One of my favorite people, Britney Jones, just bought a new home. As a prospective buyer myself, I was very interested in learning through Brittney’s experience and picking up a few pointers from her.  I was able to catch up with her and ask her some of the questions I had about home buying.

Junious Williams (“JW”): First, tell the readers of MyBlackCoffee a little bit about yourself.

Britney Jones (“BJones”): My name is Brittney Jones. I graduated from the University of Houston-Main Campus on May 13, 2011 with a degree in Education: Interdisciplinary Studies 4-8: Social Studies. I currently work at YES Prep Public Schools-East End Campus, a public charter school located in Houston, Texas. I also just bought a home J.

JW: What motivated you to buy your first home?

BJones: I was motivated to buy my first home, because I wanted something to call my own. I was tired emotionally and economically from paying rent. I decided to invest my money in something that is owned. It is also a part of the “American Dream”. It shows stability, a house is an asset and also serves as a tax deduction J.

JW: What did you need to qualify for a home loan?

BJones: Job stability, savings, and a decent credit score are the major aspects of getting approved for a home loan.

JW: How did you know you were financially ready to be a home owner?

BJones: You’re ready when you have a job stability and money in the bank. Also, look at the ratios and percentages of the interest rates the banks are providing. A rule of thumb is that you need to have at least 6 months’ salary in your savings and checking account.

JW: Another good rule of thumb is that your housing (ie rent, cable, and utilities) not exceed 33% of your take home pay for the month. After other expenses, this allows the rest of your income to be saved, invested, or reduce debt. What questions or concerns did you have, as a first time home buyer?

BJones:

1. If you can qualify…
2. Can I afford a home and all that it entails?
3. What all does it take to qualify?
4. Can I afford all the hidden/small costs of that a home requires?

I would recommend that homeowners do a lot of research on their own.

Britney Jones, thanks so much for helping all of us out by answering a few questions.

Congrats on your new crib!

MyBlackCoffee