It's a dream we all have - to own our own home and stop paying rent. But if you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. How could it be when you're not even permitted to bang in a nail or two without a hassle? You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home.
Don't Feel Trapped Anymore
It doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. The truth is, there are some little-known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:
• save for a down payment • stop lining your landlord's pockets, and • stop wasting thousands of dollars on rent.
Little Known Facts That Can Help You Buy Your First Home
The problem that most renters face isn't their ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent. But saving for this lump sum doesn't have to be as difficult as you might think. Consider the following 6 important points:
#1 - LESS DOWN You can buy a home with much less down than you think
There are some local or federal government programs (such as 1st-time buyer programs) to help people get into the housing market. You can qualify as a first-time buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.
#2 - LENDER HELP You may be able to get your lender to help you with your down payment and closing costs
Even if you do not have enough cash for a down payment if you are debt-free, and own an asset free and clear (such as a car for example), your lending institution may be able to lend you the down payment†for your home by securing it against this asset.
#3 - SELLER HELP You may be able to find a seller to help you buy and finance your home
Some sellers may be willing to hold a second mortgage for you as a seller take-back. In this case, the seller becomes your lending institution. Instead of paying this seller†a lump-sum full amount for his or her home, you would pay monthly mortgage installments.