BuyingInterest rates 05/22/2023

Three things to consider to help you’re your homeownership goals a reality.

If you’re thinking of buying a home or have been trying to recently, that’s a big increase in monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows. The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help you’re your homeownership goals a reality.

1. Expand Your Search Area and Criteria
If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home

2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. There is a variety of mortgage programs are available with varying down payment and eligibility requirements. This could make a home purchase more affordable and within your financial reach over the life of your loan.

3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans. Please note, that many programs have some income limitations and also restrictions.