It appears 2016 is the year for millennials to start leaving their rental homes for one of their own. While a lot of people may worry about mortgage payments and the need for a good credit score, there are ways in which you can have a house of your own without all these excuses.
Buying a home can often be thought of as an expensive purchase, which requires years of handing over mortgage payments to the lender. While it is indeed expensive to buy a home of your own, now is the best time to stop making excuses and start thinking of ways to make that dream come true.
According to Realtor.com, people often come up with excuses to explain their reason for opting to rent rather than buy a house. One of the most common excuses cited is their lack of down payment.
The publication noted that most people are still stuck with the notion that one must have at least 20 percent to pay for the down payment; however, such is no longer the case these days.
"Needing a 20 percent down payment has lingered as a myth for years and causes many potential home buyers, including those in the millennial generation, to miss out on getting into a home," said private mortgage insurer Christina Bartning.
Little do households realize that they can pay as little as 3 to 5 percent as their down payment. As previously reported here on Realty Today, you can easily save up for the down payment by simply changing a few steps from your daily routine.
If you have a bad credit score, it still isn't enough to stop you from getting a house of your own. According to the aforementioned publication, you can either slowly improve your credit score or you can look for other means such as lease-to-buy programs or find a deal with the seller.
