First-Time Homebuyer Programs to Consider for the New Year
As the new year approaches, first-time homebuyers should research assistance programs to help make homeownership more accessible. Many state and local governments offer down payment grants or low-interest loans. The federal government also provides options like the FHA loan, which only requires a 3.5% down payment, as well as Fannie Mae and Freddie Mac loans catered to low-to-moderate income buyers. First-time buyers should also look into employer-sponsored programs that contribute towards a home purchase. By taking advantage of these specialized initiatives, aspiring homeowners can overcome financial hurdles and achieve their goal of becoming a first-time homeowner in the new year. Please contact us with any questions.
- When you need to work on your credit. Maybe your credit score is just starting to recover, but you need more time to pay down debts for a couple of years. With rent-to-own, you could start investing in a home while you bring up your score.
- You’re close, but not quite ready to secure a mortgage. You might have a good job with a significantly bigger salary, but you haven’t been there long enough for a lender to consider it a stable source of income. Or maybe you’re self-employed and you’re still building a reliable track record. Rent-to-own allows time to build personal wealth and financial credibility while working toward your homeownership goals.
- When you know you’re going to buy when the lease expires. If you’re not ready to buy when the lease expires, then you will lose any rent credit, i.e. investment, you’ve put into the home.
