How to Buy a House in 2022 | Everything You Need to Know as a First-Time Home Buyer

Black Real Estate Dialogue

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Today, we sit down with Dallas-based Underwriter, David Ball who is best known by his social media handle @coinsnculture. He is the host of House Rich: The Real Estate Show.

Dave has seven years of experience in the real estate industry, a majority of which were spent as a Loan Officer and Underwriter. His goal for the @coinsnculture brand is to give people the knowledge and confidence they need to buy their first home.

In this episode, Dave discusses the roles of the loan officer and underwriter in your home-buying journey, the importance of interviewing your potential lender or realtor before purchasing a property, and how to navigate fears of a looming recession on your home-buying journey.

Highlights

1) If you’re in the process of buying a home, lenders are only looking for three things: your credit (35% includes paying your bills on time, another 30% is credit card utilization), your debt-to-income ratio (your monthly financed debts + your future mortgage payment ÷ your income before taxes), and your available funds for the down payment.

2) There are three questions to ask when buying a home: “What is my current living expense?”; “How much money do I need to save in order to buy the home?”; and, “What is my credit score?”

3) The uncertainties of today’s economy make the homebuying journey extremely difficult. But to Dave, instead of waiting for the “perfect” time to buy a home, he believes that the most important question to ask yourself is whether your budget fits your goals.

How to find him

Podcast- House Rich: The Real Estate Show

Instagram - @coinsnculture
Learn how to invest out of state- https://www.outofstatemoney.com/

Access all of our resources on our website- https://www.blackrealestatedialogue.com/links

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Learn how to find your first tenant- https://bit.ly/firsttenantcourse

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