After taking a realistic inventory of your credit standing, you may find yourself in need of an alternative method to achieve homeownership. Or perhaps your situation has you strapped for cash, unable to come up with your down. Whatever the case, you should understand that you will need to prove that you can afford to make the deal. Before embarking on this journey, you should also consider the nitty-gritty details of the costs of homeownership to ensure you just don’t go biting off more house than you can chew and whether or not you will have the ability to save towards future goals, like retirement.
Suppose you have never owned a home before. In that case, you should be aware of other expenses in addition to your mortgage payment. For example, there may be PMI, private mortgage insurance, property insurance, taxes, maintenance, and repairs, along with the utilities and any HOA fees. You should also have enough left over to build an emergency fund which you can set aside for any unexpected major expenses. Read on as we explore just some of the ways that almost anyone can buy a home in CA.
Government Programs
Should you qualify for assistance, various government programs are available that can help almost anyone buy a home in CA. Depending on your circumstances, you may be eligible for USDA, VA, FHA, and HUD loans. There is also a homeowner voucher program if you have a low income and need help buying your first home. You may also qualify for programs offered by CA.
Co-Signer
While rules for co-signers may vary by lender, with someone willing to take the risk of co-signing on your mortgage, almost anyone can buy a home in CA. Just remember, you must show the lender you are invested in the property to qualify for this option, typically requiring you contribute at least 5 percent of the down payment.
Rent-To-Own
A rent-to-own agreement is a contract with a seller that allows you to occupy the property as if you were the owner while you have time to line up your credit score and build a down payment, allowing almost anyone to buy a home in CA. These agreements typically span a one to three-year period. In many cases, you will also be responsible for all expenses associated with the property, as if you were already the owner.
Owner Financing
With a willing seller who trusts you and is financially able to hold the property, owner financing can provide almost anyone with a way to buy a home in CA. Of course, just as with a mortgage, you should expect to pay interest on the loan.
Borrow
Borrowing the money is another strategy that will allow almost anyone can buy a home in CA. You may have home equity that you can tap into to pay for the home in full. Or you may be able to obtain a hard money loan if you have an asset that you can use as security. Consider other resources, like family members or close friends, especially if they are willing to lend you the money with little to no interest.
H&M Realty Group
Almost anyone can buy a home in CA when working with the pros at H&M Realty Group. Let the professional investors at H&M Realty Group help you explore all of your available options to begin living the dream of homeownership now. If you want to learn more, the team at H&M Realty Group will listen to your questions or concerns and guide you through the process, from locating the perfect property for your budget to closing. Contact H&M Realty Group today at 949-625-4533!