5 Mistakes That Could Hurt Home Buyers

By November 17, 2017Home Buyers
Home ownership is part of the American dream, here are a few tips to help you avoid common mistakes when buying a home.

Down Payment Programs Make Financing More Difficult.

There are now more than 2,500 programs available across the country and 85% have funds available for new house buyers. It is recommended that new potential new buyers seek homeownership education.

It's often a necessity with down payment programs and it provides} buyers self-confidence and assurance in their ability in the buying process and knowledge about financing options, including down payment assistance programs as well as spending budget and cash management strategy.

Loan Programs Are Only For New First-time Homebuyers.

While there are many first-time home buyer programs out there, it's important to take note that the meaning of a first-time homebuyer is someone who has not owned a home in three years.

Additionally, more than 37% of First Time Buyer programs might not even have a first-time homebuyer requirement.

You Need To Have A Down Payment Of 20%.

Today, a 20% down payment is not always required and with regards to the buyer's situation, having the ability put down a sizeable down payment will definitely put you in a better position when banks review your loan application, it may also help put you in a better position to get a better interest rate.

However, if you are like many home buyers who cannot come up with a 20% downpayment, you are in luck because there are down payment assistance programs which allow buyers to save on the down payment, retaining savings for property maintenance and improvements.

Some of these present programs include grants, first mortgages with below-market interest rates and some annual tax credit.ement.

Home Are Too Expensive To Buy In My Neighborhood.

While it is true that home prices have taken off in recent years, if you do a little searching and networking you may be able to find a home close to the area in which you want to.

Foreclosures are always available however are a little harder to purchase but if you do your research it is possible to find a gem in your price range.

There are also many resources that are designed for individuals providing an important community service, including educators, protectors, workers in the healthcare industry, veterans and other special community servers which allow would be home buyers to purchase homes in your cities.

This is especially helpful in high-cost markets, these programs help critical personnel stay and live in the communities they serve, it also helps to keep home values stable within communities.

If you have questions or comments please contact us.

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Alfredo Montilla

Author Alfredo Montilla

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