NAREB’s ABCs for buying a home

by Sheryl Merritt The most effective way for African Americans to build wealth is through homeownership. But so many families ask, where do you start when you want to buy a home?& The National Association of Real Estate Brokers (NAREB) broadly provides this information so more Black families can enjoy the benefits of homeownership and create intergenerational wealth. The journey of becoming a homeowner, especially for the first time, can be both exhilarating and daunting. It’s crucial to approach this process with a well-structured plan. Here are a few essential steps every first-time homebuyer should consider:& Prepare for Buying Home: Before looking at potential homes, it’s essential to have a clear picture of your financial health. This includes reviewing your credit score, understanding your income, and identifying your budget for buying a home. Here are some tips: & A good credit score for purchasing a home typically falls within the range of 620 to 850. This range represents the FICO credit score system, which lenders commonly use to assess an individual’s creditworthiness. Scores above 720 are considered excellent and may enable borrowers to access the best interest rates and loan terms. However, individuals with scores at the lower end of...