If You Can Afford Rent Right Now, You May Be Able to Afford a New Home
If you’re paying $2,000 or more in rent every month, you may be closer to homeownership than you think. Many first-time home buyers in Central Texas assume they need a large down payment and thousands of dollars in cash before they can buy a home. That isn’t always the case.
Builders Are Offering Incentives
One of the biggest advantages for today’s home buyers is the incentives being offered by many new-home builders. Depending on the builder, community, and financing program, incentives may include:
- Help with closing costs
- Reduced or temporary interest rates
- Money toward upgrades or options
- Down payment assistance programs
- Special financing offers through preferred lenders
These incentives can potentially reduce the amount of money you need upfront and may lower your monthly mortgage payment.
Your Rent Payment Could Be Your Starting Point
If you’re already comfortable making a $2,000 monthly rent payment, it’s worth finding out what type of home you could potentially purchase with a similar monthly housing budget.
Your actual payment will depend on the home price, interest rate, down payment, property taxes, homeowners insurance, HOA fees, and loan program. That’s why getting a personalized affordability analysis is so important.
Don’t assume you can’t afford to buy until you know your numbers.
If you’re a first-time home buyer considering Kyle, Buda, San Marcos, or surrounding Central Texas communities, contact Allen Deaver of Asset Realty. Allen has been helping first-time home buyers throughout Central Texas for over 21 years and can help you explore available homes, builder incentives, financing options, and the steps toward homeownership.
