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  #1 Assess Your Financial Situation: While engaged in the process of preparing the financial plan, you have to evaluate personal or business financial situation relying on the following tips: Understanding one’s status financially is very important before one decides to embrace home ownership.  Much can be learned from your savings, the monthly income and definitely debts if any.  To get ready for homeownership, find a steady source of income like a job, or income-generating asset, and learn about credit scores to identify the kind of mortgages available to you.  More often, a higher rating on credit is associated with higher mortgage rates. #2 Create a Budget: Find out how much money you can set aside to buy a home.  Lender and money managers advise people not to exceed 28% of the monthly paycheck on the costs related to housing such as the mortgage, taxes, or insurance.  You should also plan for the initial payment, which is often 10 to 20 percent of the price of the home, and such