Buying a house remains a milestone for most people, conferring personal and financial security, and even status. But it is also an expensive commitment that you might not want to take on if any of the following things are true:
1 You have credit card debt.
Lenders won't make a mortgage if your debt is too high compared to income. Getting out of debt is always the best first play.
2 You just bought a fancy car.
Lenders don't want to see recent loans on your credit report and debt can increase your debt-to-income ratio while dropping your credit score.
3 You have been evicted.
If a collection agency comes after you on an eviction case, that could make it onto your credit report and harm your chances of getting a mortgage.
4 Your job is in jeopardy.
If you can't pay your mortgage, and your home is foreclosed, your credit score could drop 100 points and the foreclosure will stay on your credit report for seven years.
