6 Myths Stopping You From Buying Your Home Now

You want to buy a home, and feel like you can’t. What is holding you back? Check out the following myths to see if your obstacle might be easier to overcome than you think.

• It’s too expensive – interest rates and home values are too high – I can’t afford the monthly payment.
  • Follow this link to see my top picks of homes on the market in Wilmington that would cost approximately $1,750 -$2,500 per month, based on 6.5% interest rate, 100% financing, HOA dues (if applicable), and estimated taxes insurance and PMI).   https://www.flexmls.com/share/7wzgg/Selected

• I don’t have enough money for the down payment.
  • There are down payment assistance programs for North Carolina that may cover all of your down payment. You do not have to put 20% down, and may not have to put any money down.

• My credit score isn’t high enough, or I don’t have a long enough credit history.
  • There are programs that allow for credit scores of 620 and higher, and if yours isn’t there yet, we can put you on a credit repair program that may get you there quickly. If you’re just starting out, you may be able to build your credit history enough in as little as 3 months.

• My employment history isn’t long enough, I just graduated from college.
  • You may be able to qualify for a mortgage with college transcripts and a verified employment offer.

• I’m self-employed and can’t qualify for a mortgage.
  • If you have two years working in the same line of work, there are bank statement and cash flow loan programs that may qualify you. Talking to a qualified lender is your first step, and some lenders offer more programs to self-employed borrowers than others. Please reach out to me so that I can connect you with one of the best in the area.

• I’m not sure that I’ll be here for the next 5 years, so I shouldn’t buy a home right now.   
  • That is valid and should certainly be considered. However, there are several options if you decide to move, including selling, renting the home long-term or short-term (e.g., on AirBnb), and getting roommates to help cover some or all of your costs.

The bottom line is that there may be solutions that you don’t know about for whatever is holding you back. If you want to buy a home, let’s talk, and find out whether or not you can buy now, and if not, what you need to do to prepare yourself to get there. Please email me at kim@thecoastalrealestategroup.com.