Even though saving for your first home may sometimes feel overwhelming, many others have successfully navigated the homeownership journey with the right strategy in place. Here are five straightforward tips to help get you on the fast track to enjoying your first home:
1. Don’t Fixate on One Neighborhood
You may love where you live now, but looking outside your current area opens the possibility of lower home prices, better schools or a more spacious home.
2. Explore Low Down Payment Financing and Local Assistance Programs
With many low down payment financing options and homebuyer’s assistance programs, you no longer need 20 percent down to qualify for a home. Work with your Lender to explore the ones in your area.
3. Downsize Your Lifestyle
To save as much as possible for your home down payment, consider temporarily downsizing your current apartment or even trading in a car for public transportation. The reward will be well worth it.
4. Consider a Renovation
Buying a fixer upper can be a way to purchase a property at an affordable price. By choosing a Renovation Loan, you’ll have an opportunity to raise the value of your home and live in a truly custom space.
5. Maximize Your Credit Score
The higher your credit score, the better the interest rate you will receive. To reap the benefits later, start monitoring your credit score now, and look for ways to continuously improve it
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