By Meghan Belnap
If you’re ready to start a family, you’re likely concerned over how you’ll be able to afford the right family home. You can save money on your first family home by going through the right channels to secure the best deal.
Here are four affordable ways to get a first home to start your family:
Apply for First-Home Buyer Assistance
Certain loans and grants are available to first-time homebuyers to ease the purchasing costs. Programs sponsored by the U.S. Department of Housing and Urban Development (HUD) can save you money on a home and even help you with public housing residence, if necessary. A Veteran’s Administration (VA) loan might be available to you if you’ve served in the armed forces. You might also be eligible to apply for a USDA loan or an FHA loan.
Choose a Condo Instead
Most families want to live in a house, but there are plenty of condos for sale that make great family homes. Some condominium complexes also have security guards on staff and take other measures to keep residents safer. Buying a condo that’s large enough to support you and your growing family can be done with help from a reputable property management company.
Get Preapproved
Getting preapproved for a mortgage will help you budget better so that you can know exactly where you stand financially. To get preapproved, your prospective lender will examine your income, credit score and other financial details to determine if you’re eligible. There are online services that can be used to determine if you can get preapproved. However, it should be noted that preapproval doesn’t necessarily guarantee you a loan.
Work With the Right Real Estate Agent
A real estate agent who’s experienced in working with people who have similar budgets to yours can help you find the right home faster and at the lowest rate. The best agents know how to negotiate deals and stay updated on the housing market conditions to follow local real estate trends. The agent you hire can show you a variety of homes in the area you wish to live and offer sound advice to help you with your purchasing decision. Any agent that you choose should be licensed and willing to show you references.
Getting into a home that suits your family can be possible with the right methods. Following the best advice and taking advantage of the most suitable programs for first-time homebuyers will point you in the right direction!
source: Housecall
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
