I have Good News for you. You can OWN a home and have a mortgage for less than you are paying for rent with as little as ZERO down.
Benefits of Home Ownership:
- No more rent increases: When you purchase a home with a Fixed Mortgage your monthly payment never goes up.
- Tax write off- You will get a larger tax refund because you get to deduct the interest you pay on your mortgage and real estate taxes you pay.
- You get to live in the neighborhood you want and stay there as long as you want. This means your child doesn’t have to change schools,
- You can decorate and paint the home the way you want,
- You even have a yard and your own driveway and or garage.
- You move when you want to
- When you do decide you want to move you can sell and most likely make a profit or receive some of the money you have been paying out back. When you rent and you move you get NONE of that rent money back.
Owning a Home is Possible
If you are a first time buyer you may not know the first thing about the home. If you have the right lender and the right real estate agent they can help guide you through the process so you don’t have to go through it alone. It’s important to work with someone who is going to HELP you because it is a multi step process.
Not sure if your credit is good enough.
If you have a low CREDIT Score that is OK too. Some lenders work with buyers to help them clean up their credit report so that you have a score that qualifies. They can often do this in a matter of weeks. Lenders can get you approved for a mortgage with a credit score as low as 580.
USDA and VA loans are loans that offer Zero money down. There are also Down Payment Assistance programs available as well.
There are a lot of ways to get you qualified. A qualified lender can guide you in the right direction. If you are a First Time Buyer. Some lenders have first time buyer loans as well that can save you money and help you be qualified. One lender that comes to mind who is now offering a 1% down home loan is Quicken Loans. Another lender who has been helpful in working with people is Movement Mortgage- they helped a buyer of mine clear up some things on their credit report.
There are a lot of lenders and real estate agents- choose one that is going to work with you to meet your needs and get what you want.