Homeownership is an exciting experience.
More than a goal, it is a journey. For it to be meaningful, it has to be experienced. Homeownership is very personal. However, all homeowners have one common desire — to keep their homes, where they feel safe and secure.
Turning it into a reality can be both fun and scary. It can be the most expensive and biggest investment you will have to make. At the same time, it can be the most fulfilling.
There are many faces of homeownership. Each one has a story to tell. For each person who aspires to be a homeowner, there is the one perfect home loan to help him/her make those dreams come true.
Let’s meet the different faces of homeowners and how they may finance their homes.
The Young Homeowner
First-time homebuyers are dealing with a dilemma — housing prices taking an uphill.
Some of them may easily be discouraged. Most young homebuyers are working on a budget. With careers just beginning, student debts to pay, and just the beginning of a whole new adult life, an expensive house may not fit the budget.
For them, an affordable house is the best deal there is. And if they know where to look, they will still find houses that do not have high price tags.
Rural and Suburban areas have more affordable houses compared to cities. Federal agencies, such as the USDA, have a myriad of house financing loans to help develop rural communities.
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The Homeowner Who has a Clear Vision of what He Wants
Many individuals have a vision of what their house should be like. To them, buying an existing home is not part of the options.
When you have been planning all those years about building your home from scratch, you should be brave. It can be exciting and fun, but never easy. It can be more expensive than buying an already-built property. But what is more rewarding than being able to call your home ‘truly your own’
The Construction-To-Permanent Loan is one of the most common kinds of construction loans. Instead of getting one loan for building the structure and another for the mortgage, this combines it into just one loan.
Homeowner Landlords
Your home is an investment, might as well rent the other units out.
It is possible to find government-backed loans to purchase a multi-family unit property. Owner-occupants can take advantage of the FHA Multi-Family Home Loans.
What’s good about an FHAloan is you can have as little as 3.5 percent down payment.
To be approved for the financing, you have to meet the FHA requirements. This includes making one of the units your primary residence.
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Retired Homeowners and Their Hidden Treasure
As seniors, you want to have a roof over your head. That should be the least of your worries when you have made significant payments to your mortgage. Why?
Your perseverance and diligence in making full on-time monthly payments have built your home equity. It is now time to reap what you have sown.
A part of your home’s equity can be converted into readily-usable cash. This can be used to cover living expenses, emergencies and pay for your health care needs. The best part is the fact that you’d never have to pay for the refinance loan unless you move out of the property.
This is possible through a Reverse Mortgage Loan.
We are in different stages of homeownership. Turning homeownership into reality is not an easy feat. You can begin your journey. Talk to a lender on how you can be the homeowner you always wanted to be.
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