1. How long should I wait before I buy a home?

The more important question is why are you waiting at all? Yu may actually be saving a lot of money by investing today. While fear may stop you from making such a big investment (you are worrying about monthly payments, or hesitant to change your lifestyle to accommodate the responsibility of a mortgage) you are literally losing money as you lose time.

In a few years inflation and the appreciation of the house’s value means you will be paying significantly more for the house several years from now. You may not even be able to find a house in the more popular neighborhoods. Furthermore some really good estate deals (such as when the developer is pre-selling units) are very time sensitive. It may be best to take the bull by its horns and take the leap today.

2. Can changing jobs affect my chances to get a loan?

Try to establish a stable employment history before taking a loan. Lenders want to see your work history and records of past tax returns. If you want to change jobs (or even change professions) do it after the loan ha been granted.

3. What if I’m denied a loan because of a poor credit report?

Check your credit report before you try to get a loan. There are many cases where you are given a wrong credit score especially if you have a common last name. If there is a real problem (and not just a clerical error) take steps to improve your credit score. You can also send a letter of explanation of why your scores were that low to your potential lender.

4. Can I buy a house even if I have bad credit history?

There are many mortgage lenders that specialize in people with bad credit history. While you may have to offer some kind of security, or have higher interest rates, it is still possible to find a lender.