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.
About Our Real Estate Team at Premiere Property Group, LLC
Our Real Estate Team looks forward to showing you how our years of service and satisfied customers will help us to get a better understanding of you and your goals. Tom Wilser, Licensed Principal Broker in Oregon and Managing Broker in Washington. Patti Wilser, Licensed Broker in the State of Oregon.