It’s a fact that homeowners are wealthier than renters.

The average net worth of U.S. homeowners is $231,400. Renters? $5,200. Crunch the numbers and you’ll learn that the net worth of homeowners is 44.5 percent higher than that of renters.

Sadly, the net worth of those who rent has actually decreased from $5,500 in 2013, according to the Federal Reserve’s Survey of Consumer Finances.

If you’d like to get on the El Dorado Hills homeowner wealth train, but are not sure if you’re ready, answer the following questions.

How secure is your employment?

Love your job? More important, does your job love you?

Job security – knowing you’re in it for the long haul – is a good sign that you can take on a monthly mortgage payment and be responsible for maintaining a home.

It’s also one of the first things a lender will look at when considering how risky it might be to lend you the money for a home.

Ideally, lenders like to see a two-year minimum tenure. If the new job is in the same field as your old one, it shows commitment to a field of work, which is attractive to lenders.

Do you have any savings?

It’s not necessarily true that you need 20 percent of the purchase price of a home for a down payment. While this often was true in the past, it isn’t today.

Depending on other circumstances, you can qualify for a mortgage with nothing down or with a down payment as low as 3 percent. There are also many down payment and closing cost assistance programs.

You are going to need some cash, though, when you purchase a home. For instance, the earnest money deposit, the down payment, the closing costs, and moving expenses all require you to have same savings available.

If you don’t have any savings, it may be time for you to focus on getting some squirreled away.

If you do have some money set aside, speak with a mortgage broker to find out if you qualify. We’d be happy to make an introduction to one of great lender partners!

How’s your credit?

If you’re unsure, order your free annual credit report from This is the only site authorized by the federal government that offers free credit reports.

A strong credit score (as compiled by Fair Isaac Company, or FICO for short) is higher than 700. Borrowers with strong scores get lower interest rates so raising your score is a worthy endeavor if it is currently below 700.

This doesn’t mean you can’t get a mortgage with a lower score, because you most certainly can. In fact, the Federal Housing Administration (FHA) wants to see a score of 580 or higher but even those with lower scores may otherwise qualify.

It isn’t as difficult or time consuming as you may think to raise your credit score. Learn “How Student Loan Borrowers Improve their FICO Scores” at And, learn some general information on how to raise your credit score at

Do you need more room?

If you’re currently in an apartment, the chances are good that you’d like, or maybe even need, more space. Apartments by their very nature are typically small and very cramped. Worse, they lack sufficient storage space.

If you’re starting a family or hope to soon, dreams of a house may be swimming in your head. If so, you may be ready to become a homeowner.

Are you tired of paying your landlord’s mortgage payment instead of your own?

Just because you are renting doesn’t mean you aren’t making a mortgage payment, it just means you aren’t making your own!

Paying rent every month and watching that money go into someone else’s bank account gets old after a time. As mentioned earlier, one way to accumulate wealth is through putting that monthly payment in your own pocket by building equity through home ownership.

Depending on the current market, you may be able to purchase a home with a monthly payment that is less than or only slightly more than your current monthly rent payment. A mortgage professional can crunch the numbers for you to find out.

Ready to learn more about becoming an El Dorado Hills homeowner? Feel free to reach out to us with any questions.

In the meantime, start searching for El Dorado Hills homes at the link below: