Could You Buy a Home and Not Know It?

It sounds like a strange question.

Could you actually be in a position to buy a home—and not know it?

Absolutely.

Over the years, I’ve talked with people who assumed homeownership was out of reach. They thought they needed a huge down payment. They thought their credit wasn’t good enough. They thought their monthly payment would automatically be far more than their rent.

So they never asked.

And sometimes, that assumption may be costing them an opportunity.

You May Be More Qualified Than You Think

One of the biggest mistakes potential buyers make is trying to qualify themselves before ever talking with a mortgage professional.

You might be surprised by the financing options available to you. Depending on your circumstances and the loan program, buying a home may require considerably less than the traditional 20% down payment many people still associate with homeownership.

The Consumer Financial Protection Bureau notes that some mortgage programs offer low-down-payment or even no-down-payment possibilities for qualified borrowers.

That doesn't mean everyone should buy a home. It means you shouldn't automatically decide that you can't buy one without first finding out.

Start With the Payment, Not Just the Price

When I work with buyers, one of the most important questions isn't simply:

“How much house can you qualify for?”

A better question is:

“What monthly housing payment are you comfortable with?”

Those are two very different things.

A lender may approve you for a certain loan amount, but that doesn't necessarily mean you should spend that much. The CFPB specifically recommends looking at what comfortably fits within your overall budget rather than simply focusing on the maximum amount a lender will approve.

Your total housing cost can include principal, interest, property taxes, homeowners insurance, mortgage insurance when applicable, and possibly HOA fees. You also need to think about maintenance, utilities and unexpected repairs.

That's why I tell buyers:

Shop the payment—not just the interest rate or the price of the house.

What If You've Been Renting Because You Thought You Had To?

Maybe you've rented for years because you assumed buying wasn't possible.

Maybe your credit has improved.

Maybe your income has increased.

Maybe you've paid off some debt.

Maybe you've accumulated more savings than you realized.

Or perhaps there is a loan program that fits your circumstances that you've simply never investigated.

Until you sit down with a knowledgeable lender and actually look at the numbers, you don't really know.

And getting the information doesn't obligate you to buy anything.

You Might Discover You're Not Ready—And That's Useful Too

There is another possible outcome.

You might talk with a lender and discover that you're not quite ready yet.

That's not wasted time.

Now you can identify what needs to change. Maybe it's improving your credit, reducing a particular debt, building additional savings or waiting until your income situation changes.

Instead of saying, “Someday I'd like to buy a house,” you can start developing an actual plan.

Stop Guessing. Find Out.

If you've been wondering whether you could buy a home, don't automatically assume the answer is no.

Let's find out.

I'll help you determine what you're looking for and connect you with a lender who can evaluate the financing side. Once we know the monthly payment you're comfortable with and the price range that makes sense, we can see what homes may fit.

You might discover that buying isn't right for you today.

Or you might discover something completely different:

You could buy a home—and you just didn't know it.

Ready to Find Out?

Wes Stolsek REALTOR®

OMNI Homes International

520-404-9773

www.wesleystolsek.com

Serving buyers and sellers throughout the Tucson area and beyond.