Have you been on the fence when it comes to buying a home this year? We would like to help you make your decision a little bit easier. Take a look at the ways in which 2015 may be the year you became a proud homeowner.
The notion that you must save enough cash for a 20 percent down payment may be keeping you on that proverbial fence. Allow yourself to jump into the home buying yard, because in 2015, a 20 percent down payment is not always necessary. Home loan options are available for those who qualify with down payments as little as 3-5%. Some loan programs even have no down payment options!
Is concern about your credit score keeping you from building your own fence? Bad credit in the past — including a foreclosure or bankruptcy — doesn’t always put you outside of the homeownership realm. Ask your lender to take a look at your credit score and advise you on available loan options. You may need to take some time to pay down debt or settle disputes on your credit report, but these are steps that will take you closer to owning your very own home.
Mortgage rates remain near historic lows, a fact that means home ownership is more within reach than most suspect. Let this information give you the motivation you need to make sure the only fence you are considering is the one surrounding your new home.