Owning a home may be the American dream, but for many who are in a lower income bracket, finding a loan can become challenging. Thankfully, there are several loan programs that can work well for lower-income people considering homeownership. Here's a closer look at some of these home loans designed to help people who have a low-to-moderate income find a way to buy a home. FHA Home Loans FHA home loans are loans backed by the Federal Housing Administration. Lenders are more likely to lend to "higher risk" borrowers through the FHA loan program because the loans have the FHA's backing. With the … [Read more...]
Multigenerational Housing ? Buying A Home For Your Parents To Live With You
Multigenerational housing is a growing trend that is propelled by the “graying of America.” This trend is the mirror image of children who become adults still living with their parents. Instead, with multigenerational housing, the adult children invite their parents to live with them. Many are seeking to buy larger homes to accommodate the needs of their young family, while also being able to live together with their parents. Older Homeowners And Multigenerational Homes Are Increasing The numbers are staggering. Realtor.com® reports that for the next 20 years, older adults, … [Read more...]
Some Millennials Are Finding Home Buying Overwhelming
Many millennials are reaching the age where they are thinking about buying homes for the first time. It turns out that many members of this generation are finding this process challenging. Even though the housing market is great for those looking to buy, surveys indicate that this generation also finds the process overwhelming. Reports have been published showing that many millennials are planning to buy their first home in the next year, showing that owning property is still a strong part of the American dream. Furthermore, many millennials also know that this is a great time to buy. Why are … [Read more...]
How To Know You Are Ready To Stop Renting And Buy A House?
You might have gotten used to the flexibility of renting. You probably like not having to worry about repair costs and you likely enjoy the ability to pack up and move in short order. On the other hand, you are probably tired of throwing money away and are ready to build equity in a home. While the opportunity to become a homeowner is undeniably attractive, how do you know that you are ready to take on this responsibility? There are a few signs to note. You Manage Your Debt Well One of the most important factors any home lender is going to assess is your history of debt management. After all, … [Read more...]
Home Maintenance Projects That Could Save You Thousands On Repairs
Owning a house comes with major responsibilities and one of the most important is routine maintenance. While many people like to skip routine maintenance in an effort to save money, the reality is that these routine maintenance is going to save people down the road. The reality is that maintenance is a homeowner's first line of defense when it comes to protecting their most valuable investment, which is their home. There are a few projects that may save homeowners thousands of dollars down the road. Inspect The Plumbing Connections It is easy to forget about the plumbing system because many … [Read more...]
