Many people think a down payment is their biggest hurdle to homeownership, but it’s not. On this week’s episode we discuss the debt-to-income ratio and how it’s keeping renters from becoming homeowners. Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.
// SHOW NOTES
00:00 The Biggest Hurdle In The Home Buying Process
00:16 Intro
00:38 Welcome To The Homeowner Prep Podcast
01:11 What Is A Debt-To-Income Ratio?
01:32 What Is The Ratio Needed To Qualify?
02:13 Let’s Break Down An Example
03:37 So What Are Your Options?
03:55 Option 1: Earning More Income
04:46 Option 2: Pay Down Your Debt
05:18 Recent Statistics On Debt
05:48 Why Is Credit Debt Becoming A Bigger Issue?
06:38 Recent Trend Impacting Millennials
07:15 A Temporary Credit Card Solution
07:53 We Live In The Gig Economy, Take Advantage
08:13 Getting Started With Homeowner Prep
08:31 Connect With Us On Social Media
09:03 Outro
// IMPORTANT RESOURCES
Get Started With HomeownerPrep:
https://www.homeownerprep.com/start
Support Our Mission:
https://www.homeownerprep.com/support
Manage Your Credit Score with MyFICO:
Build Your Credit Quickly:
Start Budgeting Today with Rocket Money:
Down Payment Assistance Programs:
https://bit.ly/HPP-DownPayment
Subscribe to Our Channel:
https://bit.ly/HomeownerPrepYTSub
// CONNECT WITH US
Instagram: http://www.instagram.com/HomeownerPrep
Facebook: http://www.facebook.com/HomeownerPrep
Twitter: http://www.twitter.com/HomeownerPrep
TikTok: http://www.tiktok.com/@HomeownerPrep
// ABOUT HOMEOWNER PREP
Homeowner Prep helps aspiring first time homeowners through real-world advice and accountability. This podcast was created for those who dream of owning their first home - and are willing to do whatever it takes to make their dream a reality!
DISCLAIMER: The content we distribute is for educational purposes only. Seek professional financial, tax, and legal advice for your particular situation. Also, links included in this description might be affiliate links. If you purchase a product or service with the links that we provide, we may receive a small commission. There is no additional charge to you! Thank you for supporting our channel so we can continue to provide you with great content!
// LICENSE INFO
DRE: 01780767
NMLS: 2218002
#buyingahome #realestateadvice #homeownership
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