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?",
If you’re ready to purchase a home, this guide will provide the essential facts and knowledge needed for achieving that goal.
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:
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:
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!
Your Home Sold Guaranteed Realty understands the effort it takes to sell a house. To make your life easier, we have compiled these valuable resources for you - completely FREE of charge! MORE
At Your Home Sold Guaranteed Realty, we are dedicated to making the process of buying a new home stress-free. To ensure your comfort, convenience and peace of mind throughout your search for a property, we have assembled an extensive selection of resources tailored to fit every person's unique needs - all complimentary and without obligations! MORE