Transform Your Dream of Homeownership into a Reality

A recent Harris Poll survey revealed that 8 out of 10 Americans consider buying a home to be an essential goal, with 28 million even aiming to purchase within the next year. It's easy to see why as homeownership offers both financial and nonfinancial rewards alike - making it desirable for many people.

Despite the fact that 28 million Americans are striving to purchase a home this year, it is improbable they will all succeed in their endeavor. Predictions suggest approximately five million of those homes will be sold by 2023 due to complications with buying a house. These tribulations can vary from person-to-person but have become an expected hurdle for many wanting to own property.

In the same survey, when prompted to respond with "Which of the following are preventing you from pursuing homeownership at this time?",

• 34% answered, “I don’t have enough saved for a down payment”
• 30% answered, “My credit score”

If you’re ready to purchase a home, this guide will provide the essential facts and knowledge needed for achieving that goal.

Secure Funds for your Future Home Purchase

An essential portion of the initial cost of your home is the down payment. Most people put some money down and then apply for a loan to cover the remaining costs when purchasing a house. Nothing can quite compare to that feeling you get as soon as you finally have enough saved up for your desired property’s down payment – it's like one step closer towards owning your dream home!

There is a popular misconception that you must pay 20% of the cost upfront when purchasing property. In actuality, this is not necessarily true! According to recent studies conducted by the National Association of Realtors (NAR), 14% has been identified as the median down payment for most buyers, with first-time purchasers typically only needing 6%. By dispelling this long-held myth about substantial down payments being required for home buying, more individuals can now pursue their dreams and become homeowners without undue financial strain.

Whether you possess the funds for a major down payment or not, know that support is readily available. Your local lender can present feasible choices to help get you one step closer to your goal. In fact, certain loan types such as FHA loans could require minimal down payments of 3.5% in some cases and VA/USDA loans may even waive this requirement entirely if qualifications are fulfilled!

In addition to financial aid programs and loan opportunities, here are a few additional methods of helping you build up your down payment fund:

• Don't forget to include closing costs in your home-buying budget. These expenses generally range between 2-5% of the purchase price, on top of your down payment amount.
• Preserve your savings by reserving enough to cover future homeownership expenditures even after you make a down payment. It's essential to keep some money in the bank for necessary costs associated with owning a home.
• Take the time to investigate your choices and rely on a reliable advisor for knowledgeable counsel. Don't be afraid to inquire, research extensively, and explore all resources available specifically designed for purchasers like yourself.

Transform Your Credit Score and Unlock Financial Opportunities with Simple Strategies!

If you're having difficulty finding a mortgage due to your credit score, there are steps you can take towards improving it. After all, the higher your credit score is, the more money lenders will be willing to lend and likely at better terms than those with lower scores. To get started on repairing or boosting your credit rating today, here's two strategies:

• Paying your bills on time is paramount for improving your credit score - if you're late, it takes a hit. Fortunately, there's an easy way to ensure that never happens: Set up automatic payments! This simple step makes bill-paying effortless and keeps you in good standing with any creditors or businesses.
• Spice up your credit portfolio! From auto loans, to credit cards, to mortgages - diversifying the types of credits you have can significantly enhance your overall score.

Buying a home is one of the biggest investments you can make in your lifetime. However, it doesn’t have to be an impossible feat! With the right tools and resources at your disposal, such as loan options for minimal down payments and tips for improving credit scores, you can confidently pursue homeownership without worrying about financial strain. Don’t forget that support from reliable advisors or lenders are also available if needed – take advantage of them today to start building towards a more secure future with real estate ownership!

By taking advantage of these resources, you’ll be able to confidently pursue your dream of homeownership without financial strain. Don’t forget to research your options, tap into reliable advisors for insightful advice, and maintain enough savings for future expenses that come with owning a home. With the right approach and hard work, you can make your real estate aspirations become a reality in no time!

3-15-2023