Am I Ready to Buy a Home? Take Our Free Buyer Assessment

Wondering if you're ready to buy a home? At Lemonade Real Estate, we use two simple assessments to help buyers understand their financial preparation and identify their next steps.  Answer each question with Yes or Not Yet, then count your Yes answers in each section.

Part One: The Financial Five (Your Ability to Buy)

1. Earnest Money: Have you saved at least 1% of your anticipated purchase price for an earnest money deposit?
2. Down Payment: Have you saved at least 5% of your anticipated purchase price for a down payment?
3. Inspections: Have you saved at least $1,000 for home inspections?
4. Closing Costs: Have you planned for approximately 3% of your anticipated purchase price in closing costs?
5. Moving & Furnishings: Do you have at least $3,000 available for moving, furnishings, appliances, or improvements after closing?

Understanding the Financial Five & Your Ability to Buy

• Earnest Money: A good-faith deposit made after an offer is accepted. It is generally credited toward your purchase at closing, subject to the contract.
• Down Payment: The amount you contribute toward the purchase as required by your loan type. Some loan programs, including eligible VA and USDA loans, may offer zero-down-payment options.
• Inspections: Expenses associated with evaluating the property's condition before purchasing.
• Closing Costs: Expenses associated with completing the transaction. Depending on the loan program and market conditions, sellers may contribute toward eligible closing costs.
• Moving & Furnishings: Funds for appliances, moving expenses, and improvements after purchasing your home.

How Did You Score?

• 5 Yes Answers = Strong Preparation: You've established several important financial foundations for purchasing a home.
• 3–4 Yes Answers = Moderate Preparation: You're making progress! Financing options and potential seller concessions may help address some of the remaining gaps.
• 0–2 Yes Answers = Planning Recommended: There are opportunities to strengthen your position. Let's develop a plan to help you move forward.

Part Two: Your Ability to Borrow

1. Credit: Is your current credit score above 660?
2. Employment: Have you worked in your current profession, industry, or a related field for approximately two years?
3. Debt-to-Income: Is your income sufficient to comfortably support your existing debts and a potential mortgage payment?
4. Financial Reserves: Do you have additional savings available beyond the funds needed to purchase your home?

Understanding Your Ability to Borrow

• Credit: Credit scores can affect loan eligibility, interest rates, and financing options. Requirements vary by lender and loan program.
• Employment: Lenders review employment and income history, but two years in the same job or industry is not required for every loan.
• Debt-to-Income: Lenders compare qualifying monthly debt payments against qualifying income to help determine borrowing capacity.
• Financial Reserves: Savings remaining after closing can provide additional financial security. Reserve requirements vary by loan program.

How Did You Score?

• 4 Yes Answers = Strong Preparation: You've established several positive financial indicators.
• 2–3 Yes Answers = Moderate Preparation: You have a foundation in place, but there may be areas worth reviewing with a professional.
• 0–1 Yes Answers = Guidance Recommended: Let's identify opportunities to improve your financial position and explore your options.

What Do Your Results Mean?

8–9 Yes Answers | Strong Financial Posture

You've established many of the financial foundations associated with purchasing a home. With the right motivation and a review of your financing options, you may be in an excellent position to begin exploring homes and taking the next steps toward purchasing.

5–7 Yes Answers | Moderate Financial Posture

You may be closer to homeownership than you think! With the right guidance, financing program, and potentially negotiated seller concessions, purchasing a home may be more attainable than it initially appears. Let's explore your options and identify what could help you move forward.

0–4 Yes Answers | Weak Financial Posture

At Lemonade Real Estate, we never want to encourage someone to purchase a home before they're financially prepared. Your long-term financial well-being matters more to us than completing a transaction. If your results indicate that additional preparation may be beneficial, we'd rather help you strengthen your financial position today so you can approach homeownership with greater confidence tomorrow. Let's work together to identify the areas that need attention and develop a realistic plan to help you get there.

Let's Talk About Your Next Steps

Your results aren't a pass-or-fail test, and they don't determine mortgage eligibility. As you answered these questions, you may have found yourself thinking, "Maybe," "Kind of," or "I'm not entirely sure."

That's completely normal. Your financial situation, goals, and circumstances are unique, and a simple assessment can't account for everything.

That's exactly why we'd encourage you to reach out. Whether you're ready to begin exploring homes or have some preparation ahead, we'd welcome an open conversation about your goals.

Ready to Get Started?

Click Here to Connect With Lemonade Real Estate

Lemonade Real Estate | Sweetly Guiding You Home

Website: https://www.lemonaderealestate.co

Phone: 801-664-1546

Disclaimer: This assessment is for educational purposes only and does not constitute mortgage prequalification or financial advice. Actual loan requirements vary by lender, program, and individual circumstances.