Monday, October 17, 2022 / by Todd Mowry
live in a rental. However if you’re just like most of today’s renters, you
most likely feel trapped in an apartment or condo that just doesn’t feel
comfortable and like your home.
shouldn’t. Believe it or not, there are ways to move out of a rental and
into your own home.
mortgage. You’re already paying rent, so that ship has already sailed.
The real problem is that people don’t have enough capital to cover a
down-payment. Believe it or not, saving up and or getting a down payment is not
that difficult. Check out the following 6 guidelines to help you get
- BUYING A HOME CAN BE DONE WITH A LOT LESS THAN YOU THINK
In case you didn’t know, there are lots of federal government and local programs you can make use of, such as the 1st time home buyer’s program – which can help you enter the housing market by taking a class and applying for help. Make sure to ask about these and other programs either through the city, county or state you live in or through the various available lenders, ask for all the available programs they offer to help expand your options.
- ASK YOUR LENDER FOR HELP WITH CLOSING COSTS AND DOWNPAYMENT
Just because you don’t have enough money to make a down payment, doesn’t mean you don’t qualify for a home loan. In fact, if you’re debt free and you are the owner of at least one asset(e.g. car), your lender can offer you down payment assistance so that you can buy a house.
- FIND A SELLER THAT IS WILLING TO HELP YOU FINANCE AND PURCHASE YOUR HOME
There are sellers eligible for a second mortgage. They might be willing to help through the “seller take back” approach. The seller becomes your lender (lending institution). Rather than pay the seller a full amount for their home, you can pay them monthly installments. It's not used much now with lower rates, but if rates get really high again you might see more of this or if the seller is really desperate to sell they might entertain the idea of getting money over time. There are also tax incentives for them to take payments rather than a large chunk of cash all at once.
- CREATING A CASH DOWN-PAYMENT WITHOUT DESTROYING YOUR CREDIT SCORE
There are ways to generate a substantial tax refund by borrowing cash for specific investments up to a certain level. This will help you generate a considerable tax refund that you can use as a down payment. Even though the money you’ve borrowed is technically a loan, the amount you pay monthly doesn’t have to be that high. Thus the cash invested in the investment as well as in the home will eventually belong to you.
- THERE ARE WAYS TO OWN A HOME IN SPITE OF HAVING A BAD CREDIT SCORE
If you can find a way to come up with a bit more than just enough for a down payment, or have the possibility to secure a loan using additional equity, a lot of lending institutions may approve a mortgage for you. As another alternative, a seller’s takeback mortgage might also come in handy in this scenario.
- GET PRE-APPROVAL IN ADVANCE
Believe it or not, getting pre-approved for a mortgage is a lot easier than you think. Pre-approval gives buyers peace of mind that when they do decide on a home, they can also buy it and in most markets you can not make an offer without one. Mortgage experts can get you pre-approved for free, and the process is quite easy–it can easily be done by the phone and a few emails. However, you need a written pre-approval too, a completed credit application as well as a certificate to assure you that you qualify for a certain mortgage when house hunting. Make sure to consult only with professional mortgage brokers before doing anything else.
STOP FEELING TRAPPED
There are lots of things that must be considered as a renter, first and most importantly... why on Earth would you want to live in a place that doesn’t belong to you, and on top of that pay a monthly amount to live there ? Stop renting places and start owning a house, a dream house. A conversation with a lender to see if you qualify for a mortgage doesn’t cost you anything at all. Take all the time you need to explore your options and try to understand that there’s nothing better in this life than owning a home.
It doesn’t really matter how bad your finances look or how long you’ve spent in rentals. The truth is, you can get over this. All you have to do is dare to ask for more information on the perks of owning a house. Use the above information and see for yourself whether you can :
SAVE SOME CASH FOR A DOWN PAYMENT
STOP WASTING MONEY
STOP PAYING YOUR LANDLORDS MORTGAGE EVERY MONTH
START LIVING YOUR LIFE IN YOUR OWN HOME
communities. I have over 10 years of experience in advising buyers and sellers on how to make the most well informed decisions for themselves. I act as a guide to help make the transaction as easy as can be and to get them everything and every dollar possible. Call or text me at 407-435-5220 even if you just need to ask a question from an experienced and dependable Realtor.