Anyone who wants to buy a house, especially first-time buyers, must meet certain requirements. The first and most important requirement is to have sufficient funds to make monthly mortgage payments. If making monthly payments will present a problem, it’s not the right time to commit to buying a home.

The second requirement is that the buyer have enough income to pay property taxes and homeowner’s insurance. Failure to pay taxes, or an inability to maintain sufficient insurance coverage on the property, could result in the loss of the property.

The third requirement is the ability to maintain the property. There is some leeway on this one, but nonetheless, the buyer must have enough breathing room to be able to afford routine upkeep, and major repairs as necessary. If repairs are not made, and the property is not properly maintained, the value of the property will decline.

A fairly solid credit history is also required. A record of late payments, bankruptcy, or failure to pay your debts will make it difficult, if not impossible, to secure a mortgage. If a mortgage is approved, the interest rate will be much higher than that granted to a more credit worthy borrower.

A down payment is important, and a substantial down payment will lower monthly payments and negate the necessity of private mortgage insurance. Depending on your credit history, and your willingness to pay private mortgage insurance, you can sometimes make a very low down payment or no down payment at all.

Your real estate professional can advise you on how to determine if you meet the requirements for home ownership and what options may be available to you. You can also set up a meeting with your lender for more information and advice on how to proceed. .