There is no place like home

On November 30 I joined 68% of other Americans in homeownership. Holding my keys, feeling like a child on Christmas, I quickly reflected on how we arrived at this milestone. Taking that scary step of pulling my credit 3 years prior and getting that gut wrenching confirmation that I was not going to qualify for homeownership. You know that infamous credit score, the number that lets your creditors and society know the type of person you are. Responsible or irresponsible? Dependable or unreliable? In 2007 my score was 580 and to my creditors I was deemed irresponsible and unreliable. Like many other Americans that were in a very similar situation, this was not an accurately depiction of who I was. So now I had to get my score to reflect the real me. So do I call the 800# listed in the median that promises you good credit in 30 days? Well I did make a phone call. I called the person that could tell me what I needed to do. I called a mortgage lender. What is the score I need to get my own home. 620 was the target, because I am a vet with a letter of eligibility.

So now it was time for committment and sacrifice, I had to decide what I wanted more, the latest Coach purse, designer jeans, a new leather jacket, acrylic nails, or my own house. I am sure it appears to be a no brainer. The house won.

I had to focus on:

1. No delinquencies for 1 year prior to applying for the home loan.

2. Getting my balances below 30- 50% of the credit limit.

3. Paying off all of the collection items, many of which I never knew was there.

4. Paying off one card at a time, moving the resources to the next card in line once each card is paid.

At the same time I had to take bag lunches to work, create and stay with a budget, walk away from the coupons for the Macy's one day sale. You know the one the happens once a month. Now don't get me wrong this was hard to do and every now and then I would slip back into my bad habits. However, I was often reminded of my goal when I felt the draft through the 30 year old wooden windows and dealt with the damage in my ceiling from the leaky plumbing in the house I was renting. That was definitely enough to get me back on track.

So here I sit 3 years later with a 740+ score holding the keys to my new home. So it was worth the sacrifice and wait. I now own a quaint, 2800 sq foot, 6 bedroom, 3.5 bath, 2 story single family home.

If you are not a homeowner, do you want to be but you are afraid to take that first step? If you are a homeowner was it an easy process for you? Were you able to qualify for the house you actually wanted, or did you have to settle? Tell me I want to know.