In a recent article in Forbes by Jed Kolko, Chief Economist at Trulia, it can be up o 38% less buying a home than renting it.
In fact, depending on what part of the US you live in, the article went on to say it may be as little as 5% cheaper or as great as 66% cheaper.
If it can be cheaper to rent than to buy, the next question you may ask is, "How can I buy if I don't have much cash?"
To rent you may be charged first, last, and even a large security deposit.
Compare that to a Federal VA loan where you may be able to buy a home with zero down payment and get a seller to pay your closing costs. You can go to the Veterans Affairs website for eligibility requirements but a good loan officer will save you time and know more about the details of how you may qualify.
If you are in rural areas such as McMinnville in the Portland Metro area or in Battle Ground in the Vancouver Washington areas (always get current updated property eligibility as it changes) , you may be eligible for a USDA Loan. You can look up the areas or cities of the country to see if where you are looking is eligible for this program.
State Bond Programs. Many states have Mortgage Bond Programs that may be low interest or can be combined with down payment assistance programs to help you accomplish those goals.
Funds do come and go but if you like to do your own research you can go to the Oregon Bond Program . The state of Washington has had the Home Advantage Program as well as a Mortgage Credit Certificate Program that effectively gives you more cash to make your payments through a tax credit.
Your local county may have down payment assist programs that will reduce the amount of cash needed to buy a home. To see an example of how that might work you can view the Clackamas County Assistance Program information.
Here is an overview of down payment assistance programs for the State of Oregon.
If you live in the State of Washington, here is the Washington Down Payment Assistance Programs.
The key to moving from renting a home to buying one, is to have the right team on your side. An experienced team of knowledgeable professionals, lenders and realtors who increase the odds of that happening for you.
Our Real Estate Team can make that happen!
Call or request more information today!
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