Why Are You Renting

Why Are You Renting

Why are you renting? In the current OBX Home Market, it boggles my mind why consumers are paying rent when they could buy their own piece of the OBX market and build equity.  I think for lack of a better reason, the consumers lack the knowledge of available mortgage products and programs.  Most buyers say, “I don’t have the down payment…”My credit is not that good…or the ever popular…”I can’t afford to buy a home”.  Honestly you can’t afford not to buy a home.  Home ownership opens so many doors for the consumer.  Builds your credit profile, provides equity for the future. Why put money in someone else’s pocket when you can keep more in your pocket.  So do you still feel that you can’t afford to buy a home?  Let me now break it down for you. If you think that you need 20% down to buy a home, you are wrong.  There are so many loan products out there, buying has never been easier .  My current personal favorite product out there right now that many consumers don’t’ know enough about.  USDA.  This program offers 100% financing for primary occupants, you will need 24 months of stable verifiable income, a minimum 660 credit score, and your income in North Carolina cannot exceed $83,000 per year.  If you are one of the lucky buyers that do have some money put away, there is FHA, with a down payment of 3 ½ percent.  A minimum credit score of 580 is needed to obtain FHA financing.   The income levels are more relaxed as well as some of the other guidelines.  The veteran has special financing as well.  VA mortgages are becoming more popular, and done more and more, again still only for primary residences, minimum 620 credit score active duty or retired military or honorably discharged, and many other lending guidelines that need to be discussed with your lending specialist. Your Buy the Beach Realtor would be happy to find a local lender that will meet your needs. Call us today!

Kelly Dean Headshot
Phone: 252-207-3655
Dated: October 9th 2013
Views: 1,062
About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...

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