First time buyers? Take the “Ready, set….GO!” quiz

I love working with first-time buyers–or property virgins, as they are called. Take this quiz to find out what kind of position you are in to take advantage of the market.

1. Are you renting? (3pt)

2. Are you on a month to month lease? (2pts)

3. Do you have a credit score at or above 700? (4pts)

4. Do you have a credit score at or above 650? (2pts)

5. Do you have access to $10,000 cash? (4pts)

6. Do you have access to $20,000 cash? (8pts)

7. Do you own a home now you bought before 2003? (10pts)

8. Do you own a home purchased after 2003 that you could sell for at or above the price you paid? (10pts)

 

Scoring: Add up the points for the questions you answered “yes” to.

Now use the score to find your place on this chart:

Points               Action

23                  What are you waiting for? Get an agent and get going!

18-22             Your are more ready than you realize. Check out FHA loans!

15-17            Great shape to buy distressed property or get closing cost help.

13-14              Talk to lender/agent. Strategy+sacrifice= great opportunity now!

9-10               You are close! Look at questions. Earn back at least 3 points.

8 or below        Major item may make it a tough time to invest. Talk to an agent.