Maybe you are kicking around the idea of buying a home but you’re still a few months out?
Thanks in part to income increases and lower mortgage rates, it’s more affordable to be a homeowner in most markets nationwide, according to an article on NationalMortgageNews.com.
While the number of first time homebuyers from August 2015 to August 2016 went from 35% to 51%, different challenges for first time home buyers emerge.
Mortgage News Daily reports that first-time home buyers increased in June by a “modest percentage”, according to the National Association of Realtors.
Buying a fixer-upper is a popular maneuver for first time homebuyers and those looking for their dream home without the dream home price tag.
One concern of many first time home buyers is saving money for a down payment. Saving, after all, can be difficult to do when you’re already paying rent, right? Wrong!
If having the confidence to take the first step toward homeownership seems like a distant dream, then you should wake up. Those who lack confidence in homebuying could be missing out on the advantages of an otherwise opportune time to call yourself a first-time home buyer!
Now that you’re officially a homeowner and your victory dance is done, you’re tasked with keeping your home in good shape.
If you’ve begun the process as a first time homebuyer, at some point or another, you could be asked to provide a Letter of Explanation. If it sounds scary – know that it’s not.
Student loan debt is a hurdle facing many millennials as they become interested in becoming first-time homebuyers. But is it a hurdle that can’t be overcome? Here’s the skinny on student loan debt and mortgages.