Chapter 2: Can I buy a home?

More than two-thirds  of American households own their home today, but many people still believe they could never own a home.  Could this be you?  Maybe you worry you can't afford to buy a house or that your credit isn't strong enough.  Or you can't imagine saving enough for a down payment.  

Think again.

In less than three years, American Family Funds Down Payment Gift Program has provided non-repayable gifts to be used for the down payment and/or closing costs on homes to nearly 12,000 homebuyers. That's right; nearly 12,000 families now own homes thanks to American Family Funds. You too, can take advantage of this program.  However, before you begin, you need to think about whether owning a home is right for you.

Buying a home takes time, energy and money - but it's worth the effort! Start by answering these questions:

1. Do I have a steady, reliable source of income?

2. Have I been employed regularly for the last 2 years?

3. Do I pay my bills on time?

4. Is my total debt (all credit cards, car loans, etc.) manageable? Can I afford those debts and a mortgage?

5. Do I have some money saved for a down payment and/or closing costs?  If not, have I researched my options of buying a home with no down payment?

6. Can I afford both the mortgage and other expenses, such as utilities, repair and maintenance costs?

7. Do I have time to take care of a home?

8. Do I have time to devote to buying a home right now? Or are other commitments a priority?

If you can answer "yes" to all of these questions, you are probably on your way to owning your own home.

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