Economy Rockford: Advice for First-Time Homebuyers.

Buying a home is a huge financial investment. So, do your homework. 23 News housing expert Steve Bois says before you go house hunting, have your finances in order and know how much you can spend. Also, save money for a down payment and closing costs. Bois also says, don’t assume foreclosures are a good deal. Foreclosed homes often require extensive repairs, so weigh the costs of fixing it up. Boise says seeking professional help can prevent mistakes.

A general rule of thumb, expenses involved in buying a house should not exceed 20 to 30% of your total income.

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