Myths For First Time Home Buyers to Know

First Time Home Buyers – You may be able to buy earlier than you thought!!!

First time home buyers take note – Did you know that you don’t have to have 10-20% down to buy your first home? Did you know you don’t have to have a 720 credit score to qualify? Did you know that you can get the majority of your closing costs paid? This is all true.

Many first time home buyers typically do not have all the information correct when deciding to buy their first home. They are stuck into thinking that it will take them a year or more to buy while they continue to throw their money away on rent. There’s good news …………… you may be able to buy a home with no money down. The USDA Rural Housing Program is your ticket!!! You may have to buy in a rural area but yes, believe it or not – no money down. Who says you need a 720 credit score? Another myth. In reality, most programs will accept a 640. To top it off, you can get up to 6% of your closing costs and pre-paids taken care of as well.

So armed with this new information, you may think, “I cannot afford not to buy at this point.” You are correct. With interest rates still at record lows, the majority of my first time home buyers are quickly realizing that it’s costing them more money to rent then to actually buy. This is especially true in the Rochester, Mn. market where investors are throwing money into rentals at an alarming rate banking on the fact that the lack of inventory will make them rich. This may be true in the short term, but I’m afraid to think of what the results will be down the road.

So my question to you first time buyers is, do you want to continue paying the high cost of rent or do you want to live out the American Dream and become a home owner? Really the only advantage in renting is being transient …………. Don’t however continue to fall for the renters tricks. Some will make a rental look luxurious by providing pools, fitness centers, transportation to down town, etc. However in the end, there’s nothing better than building that equity and managing and having more control of your hard earned dollar.

To take advantage of my first time home buyer programs, tax benefits, low interest rates, and tricks/secrets on how to save money on your first purchase, feel free to call me anytime at 507-271-4520 or email: clark@gwaltneygroup.com. You will be surprised what you will learn.

Clark Jones, Realtor – Gwaltney Group

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