This document discusses overcoming obstacles to home ownership. It outlines common challenges like home prices, credit problems, and lack of savings. However, it notes that with the right guidance from a loan officer, home ownership is possible through programs for those with less than perfect credit, low or no down payment options, and locking in low interest rates. It encourages readers who have always wanted to own a home that now is a great time to buy and realize that dream.

1. The Truth about Home Financing
Are You Overwhelmed with the
Complications of Home Buying?
Uncover the Secrets of Easy Home Financing
For some people, the idea of owning a home may seem impossible, so they never
consider it. There are many challenges associated with buying a home; many people get
so overwhelmed thinking about the obstacles associated with home ownership that they
can’t see anyway into a home – in essence, you can’t see the forest from the trees.
Home Owner Challenges
Some of the obstacles that face new home buyers are:
— Home prices – Whether home prices are rising or falling, it may seem like you
are priced out of the market.
— Credit problems – People have, unintentionally, fallen victim to economic
downturns or youthful indiscretions with credit. It is all too common of a
scenario for individuals to have payment problems in the past and feel that they
would never qualify for a loan. Or even worse, many people have fallen victim to
identity theft or credit fraud. Even if you aren’t responsible for credit problems,
those credit issues can make you feel like you have no options for owning your
own home.

2. — No money for a down payment or closing costs – With escalating apartment and
rental prices, it’s hard to put aside enough savings for a down payment or closing costs
on a mortgage.
While there are a number of problems that can make home ownership challenging, none of
these challenges are insurmountable. A creative loan officer can certainly help you resolve the
problems that keep you from home ownership.
Some people simply haven’t given owning a home much thought.
Why Buy A Home?
Owning a home has always been the American dream. Our parents and grandparents measured
their success by whether they owned their own home. Our society has changed and become far
more mobile, people buy and sell homes several times over a lifetime. There are plenty of
advantages of home ownership.
— Home ownership is an investment. When you pay rent, you never recoup that
money. When you own a home, you make a monthly payment (just like with rent) but
your payment goes towards your ownership of the property. If you sell the home in a few
years, you keep the profits – the amount you’ve paid towards the loan plus the amount of
money the home has increased in value. The longer you stay in your home the more
likely it increases in value.
— Home ownership can be a tax deduction. One of the long standing tax deductions
that may be available is an annual deduction of mortgage interest and property taxes of
homes. This tax deduction can make the difference between owing the government
money in a return each year and being entitled to a refund.
— Home ownership is rewarding. Owning a home is also an opportunity to have your
own space – with pride of ownership. You can explore your passion for decorating,
gardening, entertaining and home repair. Buying your own home allows you to gain a
sense of your personal space and gives you an opportunity to participate in the
community – get to know your neighbors on a more permanent basis.
Overcoming Obstacles to Home Ownership
If you are one of the many that think you can’t possibly buy a home, now is the time to rethink
that position. With the right guidance, home ownership can be possible for anyone - take
advantage of special loan programs, low interest rates, and get the home of your
dreams.
The rules of buying a home and qualifying for a mortgage have changed dramatically. Chances
are, you might be like many renters that are using the mortgage old rules. These mortgage
misconceptions can keep you writing checks to a landlord each month, instead of investing in
your future. With a little research, you’ll find the rules are very different – and your dream
home may be waiting for you.
Here are some “rules” that have changed in the last couple years:
Credit Problems – Not always a problem. It used to be that if you had any kind of credit
problems or a low credit score, you could forget about buying your own home. That is not
always the case.

3. — Lenders consider much more than a mere credit score. Instead, incorporate work
history, money for down payments, debt to income ratios, and more into the approval of
mortgages.
— You can make corrections to your credit reports. If you have incorrect items on your
credit record, you can work with a loan officer to get those errors corrected.
— There are lending programs available for potential owners with less than sparkling credit
records. You may pay a higher interest, but it doesn’t mean you can’t buy. In time, with
a positive repayment record, you can refinance for a much lower rate.
No Money Down – So what? The old, old, old rules of purchasing a home said you had to
have a twenty percent down payment to purchase a house. Shortly after the dinosaurs became
extinct, this mortgage rule followed.
— There are home ownership programs for people to purchase a home with less than
twenty percent down.
— If your credit score is very good, you have a good employment history, and you’re willing
to be a little creative, there can be a loan package for you.
— You can find special programs for first time buyers. If this is the first home you’ve
purchased and you are going to use it for your residence, there are several loan programs
that minimize the down payment amount.
Worried About Interest Rates — Worry no more. Interest rates on home loans are low.
It’s one of the reasons home ownership has become affordable. Of course, as the country goes
through economic upswings and downturns, interest rates will fluctuate. But that shouldn’t be a
reason for concern, there are plenty of options.
— Lock into an interest rate. When you begin the loan process, you can automatically
lock into an interest rate. That way you have the peace of mind that you know your
interest rate will be the same when you close on the home.
— Buy down your interest. If you find that interest rates have had a significant jump
before you found the perfect home, you still have options. You can “buy down” your
interest rate by paying “points” (a small percentage of the mortgage amount) to ensure a
lower interest rate. When you buy down a mortgage, you can arrange for the new
mortgage rate to be fixed over the life of the loan.
Make Your Dreams a Reality
If you’ve always wanted to own a home, now is a great time. My preferred lender takes pleasure
in helping people realize their dreams of buying a home. Home ownership is a great investment
for your future. Even if you thought you couldn’t afford a home, you may be surprised to find
that not only can you afford it, but you might actually save money over the amount you’ve been
paying in rent.
Get out of the rental rat race!