Buying a first home is more difficult than ever these days, making the dream of homeownership for some just that – a dream.
Even though home prices are higher than they’ve ever been, first-time homebuyers are making their dreams a reality, and here’s how.
Creative Steps To Affording Your First Home
Homebuyers face difficult hurdles when purchasing their first home. House prices are higher than they’ve ever been, making it a challenge to save the necessary down payment and to afford the monthly mortgage payments as well.
Know Your Credit Score And Research Your Options
You should find out what programs (if any) you qualify for to help with things like the down payment and the interest rate. Many lenders have first-time homebuyer programs that lower both.
Make Enough Money To Save Money
While you might not have to come up with a full 20 percent down, you’ll still likely need a down payment. This means you’ll need to make enough money to pay your bills and to save money for a new home.
Be Creative When Coming Up With The Down Payment
Many first-time homebuyers agree that coming up with the down payment is the biggest hurdle. You may or may not need to come up with a full 20 percent for the down payment, however.
Know What You Want But Be Flexible, Too
Everyone has an idea of what their dream home should be. Many first-time homebuyers are disappointed when they find that dream home but discover it costs way more than they can afford.
Emma Co Personal Real Estate Corp | Macdonald Realty
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