Email Post to a Friend: Homebuying Hurdles You Can Overcome

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August
19

Overcoming Homebuying Hurdles - Ayre/Rhinehart REALTORS®

Our REALTORS® bring the dream of homeownership within reach for buyers from all kinds of backgrounds. No matter whether you've never owned a home before, are early in your career or later in life, we will support your goal.

Midland homes for sale are available to meet virtually any need. Even if you have a relatively modest budget or very specific requirements, there is a home here for you. There are several ways virtually anyone can make a home more attainable.

Let's consider the possibilities:

  1. Begin Saving Early
    It's important to realize that a 20% down payment is no longer a requirement to buy a home. Still, the more you are able to save, the easier it will be to finance the rest. Savings begins with a household budget. You'll need one in the run-up to buying and afterward!

  2. Look for First-Time Buyer Financing
    Programs for first-time buyers have been set aside by the federal government and many states. These programs are administered through conventional lenders, but those lenders are required to offer terms that make it easier to qualify for a loan and manage the related expenses.

  3. Explore Other Specialized Programs
    Favorable loan terms don't only go to first-time buyers. For example, buyers looking for homes in rural areas may qualify for a USDA Development Loan. Specialized loan programs are often distinguished by lower interest rates, which means you save more money over time.

  4. Be Credit-Wise
    As long as you have steady employment, not all lenders consider credit score. Still, you can often make life easier by paying off credit debt. Do not open or close any credit accounts while house hunting. Avoid any major purchases, such as a new car, that would require a loan.

  5. Tell Your Real Estate Agent
    When your real estate agent is familiar with your situation from the start, it's much easier to find the perfect home. An experienced expert will direct you to properties that are more likely to work for you. This saves time and money – and it results in higher satisfaction overall.

  6. Compare Many Properties
    No matter what your budget is, falling in love with a home has risks as well as rewards. Go into the process knowing what your "must haves" are. This will keep you focused and usually means you'll end up with more than one property to choose from that meets your needs.

  7. Scrutinize Homes You Like
    Buying a home isn't just about the initial investment, but also the ongoing costs. No matter what year a home was built, insist on a home inspection – which the seller often pays for. This can disclose deal-killing problems such as issues with sewer, septic, or electrical systems.

  8. Consider the Part-Time "Gig"
    There are many opportunities to make a little more money online, but beware: The keyword is "little." You may be able to accelerate your savings by a few hundred dollars a month, but be wary of gigs that offer pennies for your time. A moderate approach will leave you some hours to live life.

No matter what you're looking for in a home, your real estate agent is your best ally.

With years of experience around Midland and the surrounding area, Ayre/Rhinehart has helped hundreds of people – including first-time buyers and those from out of state – reach closing day.

Contact Ayre/Rhinehart REALTORS® for personalized insight from a real estate team that cares about your success. We look forward to helping you find a house you can afford ... and love!

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