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How to Buy Your First Home in Huntsville, Alabama & Build Wealth | How To Buy a Home
Posted by Matt Curtis on
How to Buy Your First Home in Huntsville, Alabama & Build Wealth
Buying your first home in Huntsville, Alabama, is a great way to build wealth. According to the US Census, homeowners have an average of 40 times the net worth of renters. That's $255,000 versus only $6,300 for renters. Let's jump into the six steps on how to buy your first home in Huntsville, Alabama.
1. Determine Your Budget
The first step is to determine your budget. A lot of that is going to be dependent upon you, it's going to be dependent on your credit, your income, and your overall debt level.
A good rule of thumb is a 28/36 rule. Basically, your house payment should not be greater than 28% of your gross monthly income. The 36 is if you add your house debt and…
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