10 Ways to Make Homeownership a Reality

There are plenty of reasons to pursue homeownership — including creating generational wealth, building equity and creating a long-term investment — but the prospect is often riddled with anxiety. You should anticipate potential problems along your path to homeownership, but with good planning upfront, you can mitigate concerns for the future.

Here are 10 actions you can take now to prepare for homeownership.

Know your resources: The Louisiana Housing Corporation is devoted to helping residents achieve the dream of homeownership. Take advantage of our expertise.

Attend classes: LHC offers informative reassurance that homebuying is possible through our classroom offerings. You’ll learn about the process and the people who can help you on your path to purchasing a home.

Participate in homebuyer counseling: After attending a class, take your goal a step further with homebuyer counseling. This personalized approach will give you the tools you need to make your dream purchase a reality.

Establish and maintain good credit: The biggest hurdle to homebuying is credit, which determines how much you will be approved to borrow. You can take steps now to understand how your credit works and how a lender will perceive your financial situation.

Budget appropriately: Creating — and sticking to — a realistic budget will help you prepare for the homebuying process. But remember, budgeting goes beyond setting realistic expectations when house hunting; budgeting now in all facets of spending will create savings that you can put toward a down payment.

Learn about grants and loan assistance: Unfortunately, sometimes saving the necessary amount for a down payment isn’t realistic — the cost of living can be very high. But that doesn’t automatically dismiss you from being a potential homeowner. LHC can help you identify programs to help you to achieve your goal, such as these down payment assistance programs. Counselors will help you determine which programs you qualify for and which will give the biggest boost to your budget.

Plan ahead for future expenses: Keep in mind that buying a home brings a related set of expenses. In addition to your mortgage, you’ll be looking at warranties, increases in insurance and potential renovations. Homebuyer counseling will help you to see future expenses so you can make budgeting decisions now that will prevent the risk of foreclosure down the road.

Find an agent you trust: Don’t disregard the human element in homebuying. The right agent will make the process understandable and realistic, which will give you greater peace of mind. Homebuyer counseling can connect you with the agent you need in your corner. Many of them have been in your shoes and know exactly what you need.

Identify the right lender: This is a crucial step. Most agents will suggest preferred lenders, but don’t be afraid to do your research and make your own decision. Luckily, LHC has a bank of loan officers — such as Courtney Peveto — who are dedicated to finding a way to make homeownership a reality for you.

Communicate your needs: Keep in mind that counselors, agents and lenders are only human, so they won’t know what you need until you tell them. Once your needs are communicated, the people at LHC and its associates will do their best to make your dreams of homeownership a reality.