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.
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.
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.
A full-service real estate firm located in Tampa Bay. Tomlin St Cyr provides a supportive environment where real estate agents are superbly prepared, client focused and properly compensated to match buyers with their dream home and sellers with motivated buyers. All Resulting in successful real estate transactions for all involved. Tomlin St Cyrs core value is to always do what is right for our agents and their clients and the communities we serve. The Tomlin team continues to be an employer of choice and leader in the community.
Ali St. Cyr, Founder/OwnerHappy New Year! I'm so excited to announce t
"I am honored to be one of the first founding agents at Tomlin St Cyr Real Estate Services. The office and staff are so very supportive, friendly, positive and have a genuine interest in developing and guiding their agents to reach the next level. They are focused on development and training and will always make the time to sit down and discuss how to map out a successful real estate career. The entire team is innovative and they are always willing to share their "secrets to success", in hopes that all of the agents will listen and rise to the top. They are highly respected throughout the Tampa Bay area and I am proud to be associated with such a high caliber team. Thank you for inviting me to join TSC. I look forward to a very successful real estate career thanks to each and every one of you!"