Philadelphia Weekly

REAL ESTATE

Beyond the numbers: What it takes to qualify for real estate purchase

REThink Real Estate

By Inman News Feed

Add Comment | Comments: 0 | Posted Apr. 6, 2011

Time for a few more caveats: Meeting these minimums doesn't necessarily mean you're in the best of financial shape, or that buying a home is a good decision for you. That's a completely different subject, but an especially important one for those who are scraping up every penny to qualify, or who have experienced a recent financial trauma (e.g., job loss, foreclosure or bankruptcy).

If you fall into any of these categories, make sure you've fully financially recovered from your economic crisis and that you have a cash cushion in place before you buy -- even though your lender may not require it.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.