Buying a home can be a significant first step in attaining financial independence. We can help you eliminate rent payments, build equity, and feel the personal satisfaction of having a home to call your own.
It can also feel like a daunting task. Where do I get my down payment from? Is my credit good enough? Where do I start? Someone help me please?
The decision to buy your first home is probably the biggest decision you will ever make. In fact, the average age of the first time homebuyer in America is 32. That may mean paying 14 years of rent before purchasing a home. You could have had your own house almost half paid off.
If you are currently paying $1,000 each month in rent, at a 5% annual increase, that same apartment will cost you $1,050 per month next year, and $1,629 each month in 10 years.
If you paid $1,000 each month towards owning a home, in 10 years, that home will still only cost you $1,000 each month.
Using state averages that home values in Arizona rise an average of 7% each year, in 10 years your home will be worth almost twice what you paid for it. A $100,000 house bought today would be worth $196,715 in 10 years. And on top of that, you would have paid down a significant amount of your home loan.
There are amazing programs available to first-time homebuyers in the country today. There are $0 down payment loans, loans that require only 3% down and grants from non-profit organizations like AmeriDream to cover your down payment. The rates are competitive with traditional loan programs, so your interest rate isn't ridiculous.
Good credit, not-so-good credit or no credit at all. It doesn't matter. Many of these programs are for all people, regardless of credit. We may need to do a little fixing up of your credit, but that's our job.
Prequalify now, and see how much house you can afford, and what programs you qualify for.