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YOU! Yes, YOU, Can Buy a House!

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There are many myths surrounding homeownership and many of them prevent some individuals from even considering the possibility of ever owning their own home. I’m here to tell you – there are homeownership opportunities for almost every situation.

I never considered homeownership because I was a single mom with a single income.  As it turns out, there are mortgage products available for most income levels. Of course, your income and debt will also determine how much you can borrow but if you’ve been wise with your money you may be able to get a great starter home.

There are some things that apply to every borrower such as having a positive credit history of paying bills on time, having a steady, reliable source of income and having some savings for the transaction. Those are the basics and if you can check those three things off, chances are there’s a mortgage product out there for you.

USDA Rural Development offers a great opportunity with their 502 Direct Loan Program. This program assists low- and very-low-income applicants to obtain homeownership by providing payment assistance to increase your repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. There are income and purchase price limits in this program but I’ve seen it help hundreds of families buy their first home.

NH Housing Finance Authority offers several programs such as their Home Flex Plus program that provides cash assistance up to 3% of the base loan amount to help with down payment and closing costs. The cash assistance comes in the form of a second mortgage and is forgiven after four years.

Eligible Veterans also have programs designed just for you. While you obtain the loan through a local lender, there is often no down payment requirement and the VA is guaranteeing the loan so there isn’t an additional monthly expense for private mortgage insurance.

You can also look in FHA loans with your local lender. They have a low down payment requirement, usually around 3.5%. These loans typically have lower credit score requirements as well.

See, there are options, you just have to connect with the right lender to find out what will work best for you. We have a community full of very qualified local lenders, start your adventure with one of them today!