Attention Renters, You may be able to afford to buy a home
According to a NAR researcher, 38.5% more renters are able to afford a new home in the United States. National percentages range from just 11% in Urban Honolulu, HI metro area to 64.5% in Topeka, KS metro area.
Renters across the United States are now more than ever able to purchase a home due to one simple fact that the interest rates have fallen in the last year, and secondly, incomes have risen for those still gainfully employed. “As mortgage rates have fallen and incomes have increased, the fraction of renters who can afford to purchase a home has increased from 33% in 2018 to 38% as of 2020 Q3,” Scholastica “Gay” Cororaton, a research economist for NAR, writes at the blog.
To see where your region percentages fall, follow this link here.
While mortgage rates have fallen there is still the matter of credit scores and down payments of 5-10% of the purchase price. I previously published an article for first-time homebuyers that can be found at https://www.treaseajohnson.com/post/first-time-home-buyers-in-maryland, The article referenced will guide you along in the home buying process and outline what to expect at each stage as well as providing a checklist for helping you get started.
Below you will find a brief outline for each loan program available. I have also included below the image helpful links for information on buyer's assistance programs in Maryland.
While having the information is invaluable, having a good team to help you along the route and to guide you is even more important. Look no further you have found your team. Dave and I are experienced and knowledgeable in our area and can guide you through the process and every step in between.