Think You Can't Afford a Home?
Home ownership may seem out of reach for a lot of people, but in actuality there are many programs available now that didn't exist before that will help the average person to get into a home. Some work with lowering the down payment, others with repairing credit issues, or finding funding for the down payment and closing costs. Typically, a lender will require at least a 10% down payment, but there are even loans now that go as low as 5%. Silver State Schools Credit Union is a participating lender in the State of Nevada's First Time Homebuyer program; a program that requires borrowers to fund only 3% of the purchase price of the home, although maximum household income limits do apply. We also offer FHA loans where the down payment requirement is also 3% of the purchase price of the home.
Home ownership is the single best defense against poverty. With a fixed mortgage, the payments will not fluctuate or inflate like living in an apartment with yearly rental increases. In addition, as property values rise, the owner begins to achieve some equity that they may tap into later when they sell or open a home equity line of credit. It pays to look at different social service programs where one might qualify for loans based on one's ethnicity, income, or single parent status.
The Housing and Urban Development (HUD) website offers ways a person might begin to achieve their dream of home ownership. State by state, www.hud.gov lists links for homeownership programs that range from Habitat For Humanity to places Native Americans can apply for loans. This site is full of information about the process of buying or selling a home and how to qualify for vouchers and other federal or state assistance in the process.
With all the programs available now for first time homebuyers, one only has to do a little research to see if one qualifies and then sign up. It is probably the best time to be a first time homebuyer with so many options to choose from.
