Why You Think You Can’t Buy A Home
You can buy a home in Las Cruces.
Before we get started I want you to notice the 2 links in the text below this video.
Click HOW MUCH IS MY HOUSE WORTH for a free Comprehensive Market Valuation for your home. If you are considering buying a home and have been searching the internet forget about Zillow and Realtor.com I promise you will get the most current, comprehensive and ACCURATE MLS data by Clicking on our ADVANCED SEARCH OF THE LAS CRUCES MLS
WHY DO YOU THINK YOU CAN’T BUY A HOME?
The 6 Great Myths
Las Cruces Real Estate and homes are available and affordable. These are the 6-reasons people believe they cannot buy a home, and they are just not true. Here are the top 6 reasons people think they can’t buy a home, Let me show you why they are really not true AND WHY YOU PROBABLY CAN BUY A HOME IN LAS CRUCES!
I don’t have enough money for a down payment
This is probably the most common justification for not making the leap into home ownership. After all, few people have a huge chunk of cash lying around and you need 20% down to buy a home, right? Wrong. Needing a 20% down payment has lingered as a myth for years and causes many potential home buyers, to miss out on getting into a home.
YOU NEED TO KNOW THAT with a loan backed by FHA or VA you can usually get by with a down payment of 3% to 5%. In NM -The Mortgage Finance Authority or MFA First Home Program offers loans with competitive interest rates to first-time homebuyers WITH THE DOWN PAYMENT AND CLOSING COSTS COVERED AS A GRANT – so you need almost nothing down.
I can’t afford the mortgage payment
Some people don’t realize the amount they pay in rent may well be more than if they had a mortgage. Remember your Landlord is trying to recoup their Mortgage payment, taxes, insurance, maintenance fees, and in addition make a profit. When you buy, you’re investing in yourself. To find out if renting or buying makes more sense for you, try our Rent vs. Buy Calculator. You will find the link to the calculator in the text below this video.
You believe you don’t have good enough credit history to get a mortgage
So you’ve made some late payments, or have other skeletons in your past that have dinged your credit score. That doesn’t put a mortgage out of reach. “If you’ve now paid down your credit cards and kept a steady job, your application may be approved ALSO – Potential home buyers with less than perfect credit can also explore options like lease-to- buy programs, financing through the seller, and loans from private lenders. Some private mortgage Insurance programs allow for credit scores as low as 620. Meanwhile, you can slowly improve your credit score by paying your bills on time and keeping your balances low. A licensed loan officer or a credit repair company should be able to set up a plan to get your credit on track. But there’s one substantial caveat: Typically, mortgages for people with a lower credit score do come with a higher mortgage rate. And a very low score may require a higher down payment.
I don’t have any credit history at all
Even without a credit card, there are ways to build credit history “If you’re a renter, ask your landlord about reporting your payments to establish a history. Experian makes it easy for your landlord to report your payments, or for you to do it yourself.”
I haven’t been at my job long enough
“Work history is important “But even if you recently changed jobs and have only been there for a month, you can get qualified for a mortgage depending on your income and field. A letter from your boss or place of employment will go a long way, so be sure to ask if you think your relatively brief employment history might be an issue.
I can’t find a home I like in my price range
“People often think they have to buy their last home first,” and do look for homes that are out of their price range But making your final dream home a reality takes time. After all, they call first homes “starters” for a reason, right?
Want to know what price home you can afford?
Check this link for our Affordability calculator. This will help you determine what price home you can afford give your income and debt payments, so if you think you can’t buy a home for any reason – INVESTIGATE – you may be surprised that you too can be part of the American Dream of Home Ownership.
Thank you very much for watching this video and remember the Bruder Real Estate Team is always available to help you buy a home in Las Cruces. Contact Ron at 575-312-7330 or Evelyn at 575-650-7224 or visit us at www.homesforsaleinlascruces.com
Now that we have looked at the steps along the path to Home Ownership, you can see that there is not only a lot to do, but also a lot to learn about how to do it. The last thing you want is to make a mistake that will cost you unnecessary time, money, hassle and disappointment. We strongly urge you to get our Detailed Step by Step Guide. It is just a click away.
Fill out the form below to download “The Complete Step by Step Home Buyer’s Guide.”