Upcoming Changes for Some Home Buyers & Homeowners Under the new tax law, homeowners will have decisions to make in 2018,
Think Twice Before You Dedcide To Sign The Lease Again
Don’t Become TrappedThe study revealed that over the last five years a typical rent rose 15% while the income of renters grew by only 11%.
If you are currently renting, this disparity in growth could get you caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment.
The average renter in the United States pays 30% of their income on housing compared to that of a homeowner who can expect to spend 15%.In many metro areas the percentage of income spent on housing is even higher and continues to rise every year.
Like in San Francisco, CA, where the average renter spends 59% of their monthly income on housing or nearly 65% in Boston, MA.Homebuyers who purchased their home over the same five-year period locked in their housing costs and were able to grow their net worth as home values have increased and their mortgage balances have gone down.
Know Your OptionsPerhaps, you have already saved enough to buy your first home.
We have LOW LOW DOWNPAYMENT options with our inhouse lenders. RATES below 4% Here are over 100 condos under $400,000
HousingWire reported that analysts at Nomura believe:“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.It’s that they think
they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)As we have reported last week, over 60% of Millennials who recently bought a home put down less than 20%; 36% put down less than 5%.
Your dream home may be more attainable than you ever imagined!Bottom LineDon’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you
determine if you are eligible to get a mortgage.
Please contact me the opportunity is missed.
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