• Do you have a steady employment history for at least 2 years?
   
• Do you have credit history? (Credit cards or loans taken out)
   
• Is your dept manageable and can you take on the added costs that are associated to homeownership?
   
• Do you have enough money saved for a down payment and closing costs. This could be from other sources, such as a tax refund or a gift from a relative.

Consider your future plans, could these plans effect your ability to afford the costs of homeownership? Nobody can foresee the future, but the idea is to plan the best we can.

• Are you willing to make lifestyle changes that might include dining out less, not taking expensive vacations or purchasing luxury cars?
   
• Have you figured in all the costs of home ownership, such as furniture, upkeep, taxes utilities, and repairs?
   
• Have you considered  the costs of your growing family when looking at your homeownership budget?
   
• Could your future plans include a wedding or college education for yourself or your children?

Now look at the pros and cons of homeownership. Once you know your current situation, your future plans, and what it takes in terms of homeownership, you are ready to make the best decision for you and your family.