Revealed: The Sneaky Myths Keeping You from Owning Your Own Home!
You might've heard rumors swirling around, making it seem like owning your own place is some far-off dream. Let’s set the record straight! The path to homeownership isn’t as treacherous as these myths make it out to be.
Let's break down these six big myths that might be keeping you from buying the home of your dreams.
While income is a crucial factor, there are various loan programs and assistance options available for low to moderate-income earners. Some programs offer down payment assistance, reduced interest rates, or subsidized mortgage options tailored to help individuals with lower incomes become homeowners.
While staying in a home for a few years can help build equity, the length of time needed for a home purchase to be financially beneficial can vary. Factors like the local housing market, property appreciation rates, and your mortgage terms all play a role. Sometimes even staying for a shorter period can be financially advantageous.
While a longer credit history is beneficial, having a shorter credit history doesn't automatically disqualify you. We assess various factors, including payment history, credit utilization, and types of credit used, to determine creditworthiness. Some programs cater specifically to borrowers with limited credit histories.
While a steady job history and income are significant factors, they don’t always have to be traditional full-time employment. We consider various sources of income, such as freelancing, part-time work, investments, etc., when evaluating mortgage applications.
Having student loan debt doesn’t automatically disqualify you from getting a mortgage. We assess your overall financial situation, including your debt-to-income ratio, and having student loans doesn’t necessarily prevent you from buying a house.
While timing the market for the lowest interest rates is a consideration, it’s challenging to predict rate fluctuations accurately. Factors such as the overall economic climate, the Federal Reserve's policies, and global events influence interest rates. Working with us to understand your options at the current rates might be more advantageous than waiting indefinitely.