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I Rent Now. Can I Afford a Home?
Don't pay another dollar in rent to your landlord. If you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. It's our dream to own our own home and stop paying rent.
The problem most renters face is not the ability to meet a monthly payment because you're doing that every 30 days already. The problem is accumulating enough captial for a downpayment.
There are several little known facts that can help you buy your own home:
- FHA vs. Conventional Financing
Under FHA financing, if you're looking to purchase a home under $233,000 then the percentage of downpayment that you have to come up with is drastically different than conventional financing. This is a savings of at least 2.5% of the sale's price.
- Local and Federal Government Programs
There are local and/or federal government programs that can help people get into the housing market as a first time homebuyer. You can qualify as a first time homebuyer even if your spouse has owned a home before, as long as your name was not on the mortgage. Make sure that your real estate agent is knowledgeable in this area and can recommend different programs to help you with your options.
Fill in the contact information below for NO OBLIGATION expert advice on buying your first home.
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