Gay Realtor on How to Know if you\'re ready to buy a home?

You can find out by asking yourself some questions:

• Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my  current income reliable?
• Do I have a good record of paying my bills?
• Do I have few outstanding long-term debts, like car payments, student loans, credit card debt?
• Do I have money saved for a down payment (generally 3 to 5%)?
• Do I have the ability to pay a mortgage every month, plus additional costs (maintenance, utilities, insurance…)?

If you can answer \"yes\" to these questions, you are probably ready to buy your own home.

HOW DO I BEGIN THE PROCESS OF BUYING A HOME AS A GAY OR LESBIAN PERSON?

Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (see Question 4 for help)? How much space do you need? What areas of town do you like? After you answer these questions, make a \"To Do\" list. Visit GayRealEstate.com and review the profiles of gay realtors, lesbian and gay friendly realtors in your city and choose the one you’d like to work with ~ this gay real estate agent will be able to comfortably guide you through the entire process with patience, educating you on your options and bring their expertise to the table to ensure your success.

HOW DOES PURCHASING A HOME COMPARE WITH RENTING?

The two don\'t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that\'s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep. But given the freedom, stability, and security of owning your own home, they are worth it.

HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD?

The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, credit card debt... According to the FHA, monthly mortgage payments should be no more than 29% of gross income (your gross income x .29 = mortgage payment). The mortgage payment, combined with non-housing expenses, should total no more than 41you’re your gross income.
The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

HOW DO I SELECT THE RIGHT REAL ESTATE AGENT?

It’s important as a gay or lesbian person to work with a real estate agent that understands and supports your individual requests and unique needs as a member of the LGBT community, GayRealEstate.com has been aligning gay and lesbian homebuyers and sellers with gay, lesbian and gay friendly realtors for a couple of decades. Visit GayRealEstate.com and review the agent profiles, looking for an agent who you feel would listen well and understand your needs, and whose judgment you trust, based upon a conversation you’ve had with them and past client recommendations and feedback. The ideal agent knows the local area well, understands the LGBT Community, recognizes the unique benefits, advantages and disadvantages of specific areas and has the resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need as a member of the gay and lesbian community.

HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH?

Your home should fit the way you live, with spaces and features that appeal to your unique desires and needs. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to your job? to your gym? to parks, recreation and or your spiritual community and friends? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a \"wish list\" that you and your gayrealestate.com realtor can use as a guide. Minimum requirements are things that a house must have for you to consider it, while a \"wish list\" covers things that you\'d like to have but aren\'t essential.