It is easy to own a home. If you are planning to live in your home for at least 2 or 3 years, it is a smart financial move to purchase instead of renting.
Most people realize the financial benefit of owning a home after they have lived there for between 3-5 years. This depends on the price of the house.
You have so many advantages to being a homeowner
- You are in control of the style and design aspects of your home.
- Fido and Fifi, Tigger, or any other pet, are allowed to stay with you. No pets allowed in your home. Pet deposits are not required.
- No deposit. You don’t have to worry about paying 3 months rent or whether your landlord will retain your deposit when you move out.
- If you take care of your home, you don’t have to worry. You are the owner of your home. This means you have total control of how your home looks. There’s no need to wait for approved maintenance men to come by at unfavorable hours or at all.
- Avoid sudden rent and utility expense increases. Renters who have ever rented know that they can be notified by the landlord that additional charges will appear on their next rent/utility bill. You may find yourself in a difficult situation when your yearly lease is due to expire. You may also find that your monthly bill comes with “additional” fees.
- There is no reason to be concerned that your rental home may be sold. This is a real possibility. It can be frustrating to finally feel at home in a place and to then discover that the owner has decided it is time to move on.
- You can build an asset that can help your financial goals over the long-term by planning and buying smartly.
- Renting is a great way to generate additional income. Consider adding your home to a larger retirement plan once you have lived in the house for some time. Your home can be used to earn rental income, long-term or short-term. Passive income can be a very exciting possibility that I would love for you to explore.
Most people aren’t able to become homeowners because of these excuses.
You don’t need any money to pay down a mortgage payment. If you have at least $1000 in savings, two years of work history, and are either a first-time home buyer or have never owned a home for three years, you may be eligible to receive down payment assistance. For low- and middle-income households who wish to be homeowners, there are many programs.
Bad credit. You can get help from a caring, knowledgeable loan originator to repair your credit. You can raise your credit score by as little as 2-6 months and qualify for a mortgage. It takes only a few months to get your credit score up to 640 and qualify for a mortgage.
Locked into lease agreements The realtor or loan originator can help you pick a closing day that allows you to live in your new home for two months without paying a mortgage. Save the money to pay off your lease. You should also consider the time required to close on a house. It is possible that you will have to wait between when you submit your offer and when it is time to make your first payment on your mortgage. The monthly mortgage payment will likely be lower than the rent. Plus, you can stay in the house for up to two months without having to make any payments.
You haven’t been at your current job for a while or you are self-employed.
The key is two years.If you’ve been working in the same type of job for at least two consecutive years, you may apply for a loan. It is not necessary to live in the same company or location, but you must have worked in the exact same job field for at least two consecutive years.
Self-employed must have at least two years of tax returns showing enough income. You may need to take some deductions depending on your circumstances so you can show the right income.
I hope you found this helpful and that it has shown you how easy it can be to become a homeowner. A little preparation and planning can make it possible to buy a house in two months to two year.
When your ready to buy a your home give Preferred Properties of Texas a call. We Love To Help!
