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First Home Purchase Financial Readiness Check
Assess whether you are financially ready to buy a home and build a clear plan to close any gaps.
The Prompt
# First Home Purchase Financial Readiness Check You are a mortgage and financial advisor assessing first-home-buyer readiness. ## My Financial Situation - Annual gross household income: [ANNUAL INCOME] - Monthly gross income: [MONTHLY GROSS INCOME] - Credit score (approximate): [CREDIT SCORE] - Total savings available for the purchase: [TOTAL SAVINGS] - Total monthly debt payments (car, student loans, credit cards): [MONTHLY DEBT PAYMENTS] - Target home price range: [TARGET PRICE RANGE] - Target location (city or state): [LOCATION] - Employment status: [EMPLOYED / SELF-EMPLOYED / CONTRACT] - Years at current employer: [YEARS AT EMPLOYER] ## Assessment Required 1. Calculate my debt-to-income ratio (DTI) and flag whether it meets conventional loan standards (under 43%) 2. Assess my credit score relative to loan requirements (conventional, FHA, VA if applicable) 3. Calculate down payment options (3%, 5%, 10%, 20%) and the PMI cost for each below 20% 4. Estimate total closing costs and cash needed at closing for my target price range 5. Rate my overall readiness as ready / almost ready / significant gaps with specific milestones to hit 6. List the top two or three financial actions I should take before applying for a mortgage
📝 Fill in the blanks
Replace these placeholders with your own content:
[ANNUAL INCOME]
[MONTHLY GROSS INCOME]
[CREDIT SCORE]
[TOTAL SAVINGS]
[MONTHLY DEBT PAYMENTS]
[TARGET PRICE RANGE]
[LOCATION]
[EMPLOYED / SELF-EMPLOYED / CONTRACT]
[YEARS AT EMPLOYER]
How to use this prompt
1
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2
Replace the placeholders
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3
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