Preparing Yourself To Buy A Home
Published December 13, 2010 | 
By : Hubert Miles
Many Americans at some point in their lives will find themselves as renters. Whether you are just beginning to live on your own, have become recently divorced, or have fallen on hard times; everyone at some point will find themselves as renters. The question then becomes how to determine if you can afford to buy a home.
For starters, you will need to take a long hard look in the mirror and evaluate your finances realistically.
Many financial experts agree that when preparing for home ownership you need to get out of debt and establish a savings account for emergency purposes. This emergency fund will defer for everyone, but most experts agree that you should set aside three months salary at the very least.
People who have experienced life events like divorce, sickness or death can lead them through tough financial times. Getting through these tough times generally require lifestyle changes to get through them. By being proactive rather than being reactive, you get lessen the effect of these financial tough times you experience in life.
Obtaining a free credit report credit three times a year will help you in monitoring your credit history. You are entitled to one free credit report per year from each of the three major credit bureaus. Set up a schedule to obtain your Equifax report in April, your Experian report in August, and the Transunion report in December.
When preparing to purchase a home, it is a good idea to save a minimum of 20% to be used as a down payment. By doing so, you can avoid paying for private mortgage insurance (PMI) in addition to your mortgage, property insurance, and property taxes. It is also a good idea to consider a 15 year mortgage rather than a 30 year mortgage as it will save you thousands of dollars in interest charges.
Online tools such as a Mortgage Qualification Calculator and a Renter Mortgage Affordability Calculator can help you determine how much of a mortgage you can afford safely based on your income and other factors.
In Closing
By getting your finances in order and with a few lifestyle changes you can regain control of your life and become a homeowner in the near future
Remodeling Lead Based Paint Requirement Postponed
Published June 26, 2010 | The Environmental Protection Agency (EPA) decision to delay enforcement of the new Lead: Renovation, Repair and Painting rule will provide much-needed time to get more remodelers and other contractors trained – and for EPA to get the word out to consumers about the importance of hiring a certified remodeler, according to the National Association of Home Builders (NAHB).
“EPA listened to our concerns and did the right thing,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich.
In revised guidance released on Friday, EPA acknowledged that remodelers in many parts of the country have been unable to obtain the required training to comply with the rule – a problem that NAHB has urged the agency to solve since the rule was announced two years ago.
The issue came to a head in May after floods devastated parts of Tennessee and there weren’t enough certified remodelers to complete much-needed home repairs. NAHB and its state home builders association proposed a delay in enforcing the rule — a decision EPA consented to in its letter on Friday.
While remodelers, electricians, heating and air conditioning technicians and other contractors must adhere to lead-safe work practices, including special equipment filters and a ban on open flames, EPA will not take enforcement action against firms that have been unable to obtain certification until Oct. 1 of this year.
Individual contractors must apply to enroll in a training class by Sept. 30 and complete the training by Dec. 31, 2010.
“This rule potentially affects about 79 million homeowners. That’s how many homes were built before 1978, when lead paint was banned,” Jones said. “We need significantly more contractors certified than the 300,000 who have taken the training course, and we also need to make sure that affected homeowners understand the importance of hiring a certified contractor.”
Homeowners can find a certified firm here. Remodelers can search for an EPA-approved training provider at this link or contact their local home builders association here to find Certified Renovator training sessions.
Source: Colorado Realtor Online News