00:00You can go from renting to home ownership just like that.
00:08My name is Deshonda Brown, Associate Girls United Editor here at Essence,
00:11and I know what you're thinking.
00:12I don't have enough money. I don't have enough savings.
00:15Girl, who can even afford a home in this economy?
00:17Personally, I'm tired of renting, and ownership to me means security of shelter,
00:23equity, tax advantages, and building credit.
00:25So when it's time to make the decision that you want to purchase your first home,
00:28where exactly do you start?
00:29Well, lucky for you, these recent tips from an Essence article
00:32will get you to purchase your first home in no time.
00:34Tip one, always purchase a home that's within your budget.
00:38You want to make sure that you have something that you can actually afford to live in,
00:41as opposed to becoming a slave to your own property.
00:43Make sure to use a mortgage calculator to estimate your costs.
00:46Tip two, minimize your debt-to-income ratio.
00:49This means figuring out how much of your monthly gross income
00:52is going towards things such as your student loans, credit cards, and your car payments.
00:57Lenders actually want to see that less than 36% of your income is going towards paying off your debts.
01:02And tip three, if you're low-income, make sure to enroll in a HUD-certified,
01:06first-time homebuyers program that offers down payment assistance.
01:09Through these programs, you can put down as little as 3%.
01:12Overall, education is key when it comes to homebuying.
01:16And though it might be daunting, it's definitely doable.
01:19Look, they would not call us the Black Girl Magic headquarters
01:22if we didn't spend our time helping other Black women get into their bag.
01:26Black Girl Magic
01:32Black Girl Magic
01:34Let's go get a look at the Valorant
01:37as far as the multisu côté equals $K,
01:45the Black Girl Magic
01:46and people.
01:47Black Girl Magic
Comments