07/07/2017
Interesting article from GLVAR President. There are options for you when buying a home. Don't give up on your dream of home ownership. Anything is possible if you have the right agent by your side. If you have any questions please contact me.
“One of the most common comments that people make, when it comes to buying a home, is that they can’t afford the down payment,” Tina said.
NAR research suggests that unrealistic expectations about down payments have kept credit-worthy borrowers with manageable levels of debt from looking into buying a home.
Every prospective buyer is different, but Tina said consumers should talk to lenders about their qualifications before giving up on their dream of owning their own home. .“People interested in buying their first home should gather their financial paperwork and sit down with a lender to discuss their qualifications,” he advised. “Talk to family and friends and people you trust to get recommendations about a good Realtor who can help you get started.”
For those renters out there who are ready to join the majority of homeowners who were able to buy a home with less than a 20 percent down payment, Tina offered these tips to get started:
1. Review your financial situation and personal savings to determine how much you can comfortably use for a down payment.
2. Visit a few lenders and seek a mortgage pre-approval to determine how much money you are actually qualified to borrow.
3. Find a Realtor and discuss your budget and needs. This will help your Realtor refine your search and only show you homes that are actually available and in your price range.
4. Rely on professional help from the experts. This includes a Realtor and your lender. The U.S. Department of Housing and Urban Development also has a state-by-state guide of homeownership and home buying assistance programs in Nevada and elsewhere available at portal.hud.gov.
Buying a home can be a challenging process — especially when the housing supply is this tight. But with a little work and a Realtor by your side, Tina said you can still find a good home here in Southern Nevada.
