Have you ever thought how will it feel to hold your own first set of home keys? Although fulfillment of this desire can be super-exciting, the thought of purchasing a house can be daunting especially when you are a first time home buyer. Dreaming of a new house is easy, but purchasing it needs a lot of hard work, determination, and in-depth research. Every individual has set some goals in their life where buying a house can top the list. It is up to you to decide whether purchasing your first home to be listed under a long term or short term decision.
A first time home buyer has to have a good credit score, home down payment and mortgages in place. Based on your budget, you will have to decide whether you prefer a starter home or a forever home that may be larger. A wise decision can save you money and time. As a first time home buyer, you are not contained with sufficient knowledge and experience that is required to take such a huge decision. The following guide can help in your hunt for the right property.
It is always advisable to buy a house that you can afford. In most cases, first time home buyer does not have sufficient savings to invest as a down payment. It is advisable to keep your complete house-buying budget within 30% of your gross monthly income. Living in a luxurious estate but being unable to cover various monthly expenses is not feasible. Plan and purchase your own house according to your requirements. If your income allows you to go for a small home, you should not wait unnecessarily for a bigger house. Live below your means and focus on affordability.
The location of the property you are planning to buy is an important aspect that needs to be considered especially when you are a first time home buyer. The cost of the properties in different localities varies depending on the market rate. You may not be skeptical about the facilities and amenities you can avail of while choosing the location for your new home. But think about how far is the house located from your workplace and other social infrastructure. A lengthy commute can be a major disadvantage in this regard.
The biggest hurdle for the first time home buyer is the down payment. This hurdle can be overcome by availing an interest-free personal loan from HomeCapital. They provide interest-free credit equal to your contribution towards the down payment that is perfect for the first time home buyer. The program helps to accelerate home ownership and purchase your desired home early in life.
There are home ownership programs that can help you in making your wish of becoming a home owner come true. These programs include grants, loans, tax credits and many more.
Thus, a lower-priced starter home makes it more attractive. Your starter home can become a potential future investment. You can put it on rent while you live happily in your forever home. Consider buying a forever home when you are well settled and financially sound. Choose wisely so that you can afford to spend on monthly mortgage repayment.
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HCPL and it's partners reserve the right to reject any application at any time in accordance to its policies. To qualify, a borrower must be a Indian citizen and meet our financial partners underwriting requirements. To check for an applicant’s eligibility, our lending partner will request your full credit report from one or more credit bureaus. Not all applicants receive the down payment assistance. To qualify for the program, you must have a responsible financial history and meet other conditions. Assistance limits displayed are indicative, actual limits will depend on number of factors. If approved, your program assistance tenure will depend on a variety of factors, including down payment assistance amount, repayment capacity, a responsible financial history, years of experience, income, home-loan to value ratio and other factors.
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