Taking that first leap into home ownership is a tough decision to make, but in most circumstances, it will be a rewarding investment into your future. Even in today’s uncertain economic climate, buying a home offers a chance to invest your money, rather than throw it away on rent. We can show you why many people who thought they were destined to live as tenants can finally achieve the goal of home-ownership.
Free Ebook: 2016 Home Buyer’s Guide
- How to get started finding a home
- How and why you should use a Realtor®
- How to finance your new home
Buying Can Be Cheaper than Renting
If you plan to stay in the same area for any length of time, buying can potentially be much cheaper than renting a home. First of all, landlords normally increase rent over time. The overall market rate for rents generally increases, especially in a fast growing area like Houston. If you buy your home with a fixed rate mortgage, you are guaranteed a stable monthly payment over the life of the loan. Just take a look at this information from Ginnie Mae. It shows that in many cases, it can be cheaper to own in as little as three years. The savings just keep coming, year after year.
Programs for First Time Homebuyers
To promote home ownership, there are a vast number of programs to lend a helping hand to first time homebuyers. Here are a few that can make home-ownership easy and affordable:
Federal Housing Administration (FHA) Loans
FHA backed loans are designed to lower the barriers of entry for home ownership. With an FHA Insured loan, it is possible to make a down payment as low as 3.5% of the sales price, and even include closing costs in the price of the loan. Here are some links to help with your research
Veteran’s Administration (VA) Loans
As a benefit to members of the United States Armed Forces among other eligible persons, the United States Veteran’s Administration guarantees payment of loans for homes. If you think you might be eligible, click here to learn more.
Texas Department of Housing and Community Affairs (TDHCA)
The TDHCA administrates the Texas First Time Homebuyer’s Program, which offers down payment and closing cost assistance. With over $500 million in funding, this program is designed to help low to moderate income people buy their first home. Click here for more information about this wonderful program.
Other First Time Homebuyer Programs
Take a look at this short video to learn about some of the many programs available to first time home buyers.
With programs like these, you can buy your first home without draining your bank account. The best way to find out more is to give Southern Provincial Real Estate a call. Be sure to let us know you are looking for your first home so we can give you the best service possible!