What are some common things that hold people back from homeownership?

What Are The Most Common Barriers to Homeownership?

Here’s a quick explainer on some common things that hold people back from becoming homeowners.

Becoming a homeowner has many different moving parts to it, so don’t be so hard on yourself if you are not quite where you want to be yet when it comes to taking the needed steps!

Here are three common problems, and solutions for you:

Not being able to qualify for a mortgage
Solution: Figure out why, and fix it. Often, it’s a lower than desired credit score that drags us back to square one. So start rebuilding, today! You can utilize a credit repair company, or you can take steps yourself to pay off debt, and do other things to make your score improve. I will post another article to talk more about this topic.

You can’t afford the down payment
Solution: The usual rule of thumb is putting 20% down, but some lenders allow you to put as little as 3% down, depending on your credit score and type of home. If that’s not an option, look to see if you can qualify for any down payment grants or interest-free loans.

Home values are through the roof
Solution: Buying a home is about stability, so it shouldn’t be treated as an investment in the stock market. Don’t risk buying an overpriced property you can’t truly afford.

Message me today with all your questions! holly.ecimovic@edgehomefinance.com.