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Major Misconceptions about Home Buying

"We don't have enough savings for a down payment."    There are many ways to buy a home with little or no money down.  You could borrow against a retirement fund, and if you're a first-time homeowner, you may qualify for local, state, or federal down payment assistance programs.  The alphabet soups programs are out there:    FHA, VA, CHFA, and many others.

"We can't afford the mortgage monthly payments."          If you can afford to rent, you can probably afford to buy.  When comparing a mortgage payment to a rent check, remember that mortgage interest is tax deductible in most cases.  This may lower the actual annual costs of owning as opposed to renting even after factoring in property taxes, insurance and home maintenance.  Ask your tax advisor for details pertaining to your personal situation.

"We'll never get a loan with our credit."        Lenders are in the business of making loans.  If you're past credit history has some irregularities, there are still many loan programs available to you.  Bad credit in your past does not always disqualify you from homeownership in the future.

"We need to find the property first, then get a loan."    Actually, that's backwards.  There are many advantages to being pre-approved for a home loan, before the search even begins.  First you need to know how much you can afford, and what your payments will be.  It also shows the seller how serious you are about buying a home.

As other programs become available, I will post them here for your review.

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