Many home buyers, particularly young home buyers, come to ask themselves if they should stay or go. “Wouldn’t it be so much easier to move to some other part of the country where the cost of living is so much cheaper?”, they ask. Perhaps. Many who leave California find they miss it and want to find a way back here.
The unfortunate thing for these returning residents is that both homes and rents have probably become even more expensive. While I can not help with the rent situation, I have several solutions to buying a home.
Whether the buyer has a small down-payment or no down payment, there are solutions where the down-payment is covered by a second loan or grant that does not add to the monthly mortgage payment. These loans are not limited to people with low to moderate income.
Anyone who has tried to buy a home has discovered the many fees involved during the process of buying the home. Collectively these fees are known as Closing Costs. As with the down-payment, there are special loans/grants to help with the fees. Again, the income limits reach well into the six figures.
There are loans that allow for an occasional late payment. Paying in-full and on-time is best, but these programs will allow you to still qualify for the loan, and the down payment assistance (if needed) and even the Closing Costs (if needed). You still have to have a moderately good credit score to qualify.
It used to be that a self-employed person had the hardest time of all when it came to getting a loan. All the tax write-off caused the bottom to look awfully small and the lender could not approve a large enough loan to buy a home. Today, there are loans that look at cashflow. How much is coming? Is is fairly regular? Just these two criteria can qualify you for a loan, as long as you have a decent credit score and the down payment.
I offer all these loan and more so reach out (760 622 5087 or firstname.lastname@example.org) and ask for help. You’ll find that there are more ways to qualify than you thought possible. Then you can truly consider whether you should stay or go.