Is Homeownership a Possibility for Me?

Dated: 07/23/2019

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If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize.

The median asking rent price has risen steadily over the last 30 years, as you can see below.

Rising Rent Prices Since 1988

With nearly half of renters (48%) surveyed spending more than the recommended rule of 28% of their income on housing expenses, and with their rents likely to rise again, it’s never a bad idea to reconsider your family’s plan and ask yourself if renting is your best angle going forward.

One of the biggest misconceptions about buying a home is that you need a 20% down payment. While you do need to have some savings for closing costs and other home buying expenses, there are MANY financing options that may make homeownership a more attainable goal than you realize. There are lenders that offer 3% down conventional loans, 5% down loans with no PMI, 0% down VA and USDA loans, and home buyer grants that cover a significant portion of your closing costs. I also have information I can share about a rent before you buy program. 

What’s the Big Deal About Low Interest Rates

The lower your interest rate, the lower your mortgage payment. Even just .5 point can mean almost $100 a month. You’ll likely experience an increase in your rent every year anyway, but when you own your home that money is building equity.

interest rate increase in payment

 

Bottom Line

If you’re one of the many renters who are tired of rising rents but may be confused about what is required to buy in today’s market, contact me to see what your options are. It’s certainly not going to hurt anything to look into it.

Danna Flemons, REALTOR
The Flemons Group  |  JP and Associates Realtors
214-673-3438
danna@dannaflemons.com

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Danna Flemons

After graduating college, Danna worked for over 15 years in the advertising and marketing industry helping companies brand themselves and stand out from their competition. Danna's professional backgro....

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