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5 Tips for Buying a Home on a Bargain Budget


5 tips

Many millennials feel that homeownership is completely beyond their reach because they can’t afford a 20% down payment. But with interest rates at an all time low, now is the time to stop renting and own your own home! I’m going to show you my 5 top-secret tips for buying a home with little or no money out of pocket.

2 loans

  1. Take it to the country! There are two loans that do not require any money down. VA loans are great for those who qualify. Another option is a USDA loan. These loans are reserved for properties that are in rural or agricultural communities. Your REALTOR can help you identify homes that qualify for USDA financing. This type of loan would not work for a condo in uptown, so you’ll have to weigh location against price. But if you’re working from home, like many today, then is location a dealbreaker?

  2. Buy new! Closing costs are typically 3% of the purchase price. If you’re purchasing a $300,000 home, that’s $9,000! Most builders will pay some, if not all, of that cost if you use their preferred lender. Caution here, you want to make sure that you’re not overpaying in fees or other hidden costs by going with their lender.

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