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Purchasing a Home Considerations.

Buying vs. Renting a House

Each option has its benefits, so consider what matters to you.

Benefits of Buying

  • No landlord means you can make your house a home you want without anyone else's approval.

  • Unlike rent payments, the interest you pay with your mortgage payments can be tax-deductible.

  • You can find a mortgage tailored to your budget and goals to keep your monthly payment from going up as the market changes.

Benefits of Renting

  • Your landlord is often responsible for home repairs and upgrades.

  • You won't have to buy homeowners insurance or pay property taxes on your home.

  • Moving can be easier since you won't have to sell your home or find renters

Determining Your Down Payment

How much you need for a down payment depends on the type of loan and how much the house costs, but the more you can put towards a down payment, the lower your monthly payment can be and the more you'll save on interest. Conventional loans typically require a down payment of at least 5% of a home's price, however in some instances that can be as low s 3%. FHA loans require as little as 3.5%.  VA and USDA loans require no money down.


First Time Buyer Programs and Grants

Government grants and Down Payment Assistance are available from many agencies. Some are provided by the Federal Government while other are provided by states, counties or cities.

Grants provide money to pay, or help pay, for your down payment and/or closing costs.

Little or No Down Payment options provide you with a way to finance your down payment and sometimes even closing costs if the seller does not pay them all. These are great options if grants aren't available or you don't qualify for a grant.


Closing costs

Closing costs for secring the loan will need to be consided. These can vary depending on the price of the house and the type of mortgage, but estimate between 2% and 4% of the home's value.  Ask your agent about having the seller pay for closing costs to help keep your expenses down.

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