Afford to Rent—Afford to Own?

The message for today is:Sold Home AZ Property

If You Can Afford to Rent…You Most Likely Can Afford to Own.

Interest rates are a big factor when buying a home. The lower the rate, the lower your housing expense. Your purchasing power increases. And with rents continuing to rise, in many instances what you are paying in rent can be your home payment. In many cases, your new home payment is lower than what you are paying in rent!

Many consumers believe that you need 20% as a down payment and perfect credit. This is not the case.

IncomeIf you have a job or steady source of income, you’re off to a great start. If you’re already able to pay your rent on time each month, this could actually be easier than you might think.

Assets – You rarely need a 20% down payment. In reality, many programs will work with 5%, 3.5% and in some cases, even 0% down. Closing costs can sometimes be paid by lenders, sellers or come from gifts or grants. Working with your lender to strategize will help you create your plan of action. Most likely there’s a solution for you that will meet your needs.

Credit Your credit is likely in good shape if you pay your bills on time and have avoided major issues like bankruptcy, foreclosure, short sales and judgments. Requirements will always vary, but there can still be reasonably flexible loan options, such as the FHA loan guarantee programs.

 

 

Karen Jones Banner with Disclosure

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ  85203 (NMLS # 145368). 1-877-276-1974. Copyright 2018. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Click Here for Licensing Information. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.  The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Karen Jones does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Karen Jones will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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