Have you thought about buying a home, but felt you could not afford one? Maybe you are right or you could be wrong. A lot has happened to home financing since the crash of 2008. We now live in a time when there are many different types of mortgage options.
Most people who are now renting don’t have much money saved for a down payment on a house. If you think you need 20 percent of the purchase price in a down payment, you are mistaken. You can buy a home for 3.5 percent down.
If you are a veteran with eligibility remaining, you can purchase with a zero down payment.
Go to a local lender and find out how much financing you could qualify for, don’t just assume that you can’t buy. Get the facts you need to know where you stand.
You also might be surprised at the selection of homes available in a price you can afford. If you see affordable homes that are appealing, you might want to seriously consider buying now rather than later. If you are discouraged by the selection in your price range, find out about how much higher down payment and or earnings you will need to buy the home you would want.
ADVICE: If you are now renting, contact a Realtor to investigate your options. From there you will have a clearer idea of what to do to become a home owner.
