Getting out of the rental cycle and becoming a homeowner is critical to building wealth! But for many, this dream seems impossible.
Here’s how you can make this leap even when you’re not exactly flushed with cash.
1. Start Saving Yesterday
Begin saving immediately. It doesn’t matter if you’re 17 or 27 – it’s time to start putting money aside. Even if all you can afford is $10 a week – commit to putting SOMETHING aside regularly for your future home. Live by a budget and stick to it. Have a part of your paycheck directly go to a different saving account. Be as thrifty as you can.
2. Don’t Fall for the Typical Down Payment “Assistance” Programs
Many will tell you that the answer to your problem is to borrow from a popular lender like the USDA or FHA (more on these lenders here). The issue is that most of these lenders will leave you high-interest rates and hidden fees – meaning you pay more money in the long run. They might call this “assistance,” but these interest-laden loans are just another way to help the wall st guys buy another yacht.
3. Don’t Get Stuck in a Rent-to-Own Nightmare
Another popular piece of advice for low-income aspiring homeowners is to simply rent to own. Don’t get stuck in an agreement like this! Renting to own builds wealth for your landlord while you get stuck with higher monthly payments, hidden fees, and still have to pursue financing once the rental period is up. Most rent-to-own contracts fail and they never live to tell the story.
4. Look Outside the Box for Real Help
If you are a first-time home buyer with a low income, your best option is to look outside of the standard loans. Home.LLC offers an interest-free, 100% transparent down payment investment with no hidden fees or hidden fine print.
You cover 5% of the down payment, and we will come up with the rest to bring you to 20% down. This will keep your mortgage low, your borrowing minimal, and allow you to become a homeowner faster. For more info visit our website and make an inquiry today!
Now more than ever, it’s difficult to buy your first home. Avoid help that relies on high-interest rates and use a trustworthy investor like Home.LLC to get the help you need!