First Time Homebuyer Myths
Think you need 10% or 20% down to buy your first home?
Nope. Not even close, if you meet certain guidelines. There are several programs in the Nashville area available to a single person with an annual income of up to $58,000. And other programs for a single who makes up to $96,000 and a couple who makes up to $115,000. If there's a kiddo in the family, income limits are even higher.
THE DOWN PAYMENT REQUIRED BY THESE PROGRAMS? One requires $500 while others require up to 3% of the purchase price. Seriously. And you can get down payment assistance grants and closing cost benefits that help even more. Gifts from family members or friends can be used, too.
Other qualifying criteria include credit score (640 is the minimum for most), the location of the home, and the price. All of the programs mentioned have maximum purchase prices. For most that's $375,000. One programs covers a purchase price up to $563,000.
The median net worth of homeowners is 80 times larger than renters, according to new data from the US Census Bureau. That same report reveals that the biggest contributors to wealth are two main assets: home equity and retirement accounts, which represent nearly 63% of households' net worth.
WHAT DOES IT COST to find out if you qualify for one or more of these programs? A few minutes of your time. That's it. I can answer your questions and put you in touch with lenders who can quickly tell you what you can afford and what programs are for you. These lenders are committed to helping people achieve their dreams of homeownership.
Be sure and check out my other posts for first-time homebuyers, too.
P.S. If you're curious about what homes are available now and want super up-to-date information on available properties, install my app.