Is Buying Your 1st. Home Still Realistic?
Today the American Dream of home ownership is alive and well… Even with rising prices.
With several new or updated programs sponsored by cities, counties, states and the Government dedicated to help renters become home owners it’s not out of reach for many dreamers.
With down payment assistance programs, low interest rates and tax incentives many more renters now can buy a home,
With rents rising at rates higher than income rates, many current renters are considering buying their 1st, home, I’m asked all the time, how much house can I buy and what will it costs? My answer is if you don’t buy now it will cost you more later, then I go on to really answer their question.
I tell them first they need to have one of my lenders that are specialist in Government and non-Government programs perform a financial analysis to determine what programs they are eligible for.
If they are not eligible to buy a home now because of credit, income or other reasons the lender and I will provide a road map on what to do to be able to qualify in the near future.
Many renters are amazed to find out they can buy a home at much less of a budget change than they thought it would be, when they factor what their current rent is plus what they save on income taxes by owning instead of renting plus future equity growth buying a home rather than renting someone’s else’s property makes sense, with the freedom they have as a home owner most agree it’s time to grab the American Dream.
Now don’t get me wrong most can’t buy their dream house the first time, but by buying a home that they can afford now, lets them be able to use the equity they have accumulated to move-up into maybe that dream home.
Ever tried to buy a house using the thousands of dollars in rent receipts you have saved!
If owning property isn’t a good thing why are there so many landlords?