Are you, or someone you know, looking to buy your first home? Making this step can be both exciting and a bit overwhelming. But we are here to help. Here are three tactics you might not have thought of (share them with the first-time homebuyer in your life!) that could help make the homebuying dream a reality.
Tactic 1: Look into first-time homebuyer programs. These programs can make homeownership more affordable for first-time buyers and those who haven’t owned a home for some time. Programs may include a mortgage with a better interest rate, a lower down payment requirement, or down payment and closing costs assistance. Here are four types:
- Conventional loans with low down payments—as little as 0% in some cases.
- Down payment assistance (DPA) programs in the form of loans, grants, and matching funds to help with your down payment.
- Federal first-time homebuyer programs backed by the federal government.
- Programs sponsored by states, non-profits, and employers.
In addition, first-time homebuyers who are students or in certain professions might qualify for a special type of loan. To check out these programs, talk to the state housing authority, or visit websites such as Down Payment Resource.
Tactic 2: Expand your choices by looking at condos and townhomes. Consider including condos or townhomes in your home search as they might be more affordable. Often these are great starter homes for many buyers. A condo or townhome lets them achieve the goal of home ownership while allowing them to build the equity that could fund their move to a larger home in the future.
Tactic 3: Pool resources with loved ones or friends to buy a multi-generational home. Purchasing a home with family members or friends can be a very affordable way to break into the market. With more than one income, homebuyers can likely qualify for a larger mortgage. Plus, they get to split the mortgage payment, monthly bills, and maintenance costs.
When you’re ready, remember that we’re happy to help you explore all your home-buying options.
For help in listing your home for the best price—and finding your dream home—please text, call, or email us today!