I specialize in helping first-time buyers find the home of their dreams.
Owning your own home is part of “The American Dream”, but is it really all that different from paying rent each month? Even more important, how can you afford to buy if you don’t have much cash for a down payment?
Think of it as a savings plan
If you’re renting, you’re already making a monthly housing payment. The problem is, your housing dollars are only paying someone else for a place to live. When you move, you have nothing to show for the thousands of dollars you have spent.
| Monthly Rent | 1 year | 3 years | 5 years | 10 years | 15 years |
| $600 | $7,200 | $21,600 | $36,000 | $72,000 | $108,000 |
| $700 | $8,400 | $25,200 | $42,000 | $84,000 | $126,000 |
| $800 | $9,600 | $28,800 | $48,000 | $96,000 | $144,000 |
| $900 | $10,800 | $32,400 | $54,000 | $108,000 | $162,000 |
| $1,000 | $12,000 | $36,000 | $60,000 | $120,000 | $180,000 |
| $1,100 | $13,200 | $39,600 | $66,000 | $132,000 | $198,000 |
| $1,200 | $14,400 | $43,200 | $72,000 | $144,000 | $216,000 |
| $1,300 | $15,600 | $46,800 | $76,000 | $156,000 | $234,000 |
| $1,400 | $16,800 | $50,400 | $84,000 | $168,000 | $252,000 |
When you buy a home, your payments are going toward purchasing your own home, which grows in value long term. In addition to that, you could save on your income tax each year. You can even think of purchasing your first home as a savings plan to help purchase your dream home!
Low down payment financing is available
The beauty of home ownership is you can invest a relatively small portion of your own money to purchase your home. Although 100% financing is now only available for veterans, conventional financing is again available with only 3% down, FHA financing with 3.5% down, and other financing programs may also be available that even help with closing costs depending on where you plan to buy and your personal income.
A sound investment
When you buy your own home a portion of your monthly payment is going toward paying off your mortgage. Meanwhile, your home is most likely appreciating in value every year, and you may get to deduct a portion of your mortgage interest from your income tax.