Can you afford the Down Payment?

Wondering if you can afford a down payment on a new home? This is a perfect time to buy a new home. With interest rates are at historically low levels people who never thought they could buy are getting their dream homes.  The market is starting to boom again but there are still a number of great deals available, and especially on new homes.

However, what do you do if you cannot afford the ten to twenty percent down payment required?  Don’t worry, there are many people able to buy who didn’t think they would be able to without a huge savings account.

Affording a Down Payment on a New Home

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The first thing to do when considering a new home is to find a good mortgage lender who can help you figure out what you can afford.  There are several programs available that can help you with down payment options and an experienced mortgage professional will be able to assist you in finding one that suits your needs.  You should go through the pre-qualifying process to determine your actual status, not your perceived status.  This will help you make some decisions on where you need to be, what you can afford and how much more you may need to save up to get that dream home.  At Homes by WestBay, we work with some of the nation’s most respected mortgage lenders.  These preferred relationships give you the assurance that their representatives can offer you the most accurate information and options available.

Financial Advice Important in Buying a New Home

Another good option is to contact is a financial advisor who can help you determine how much you can save towards the purchase of a new home.  They can offer you suggestions on the best ways to save, areas where you can trim costs and strategies for building a nest egg.  Oftentimes, there are options available for saving for a down payment that most people never consider and a good financial planner can help advise you on what will work best for your family in order to get that new home.

Programs to Help Buy a New Home

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Since the mortgage rates are so low, buying now should be something to contemplate.  Low rates mean that you can qualify for a higher priced house than you would be able to buy at higher rates and when comparing rental payments.  Talking with an experienced mortgage lender should always be the first step.  There are programs such as FHA Loads, First Time Buyer Loans, VA Loans and even some state or local programs that can help you get into a new home without a twenty percent down payment.  If you were in the service, VA Loans often require zero percent down and some New Homeowner loans can allow for down payments of less than ten percent.  The key is to talk with the experts, find out what you can afford and then get pre-qualified before you start to shop new homes in your desired area.   Don’t let your perceived lack of savings keep you from starting the process.  If a Homes by WestBay purchase is in your sights, consider starting with reaching out to one of their preferred lender representatives.