Buy a house! 6 ideas for first-time home buyers. 🏠❤️ #shorts

Does buying a home feel out of reach? Use these ideas to kick-start your journey to homeownership:

1. Explore first-time buyer programs! - There are numerous special programs for first-time buyers. New options in 2023 offer lower rates and discounts on closing costs and mortgage insurance. Check out this video for more details: https://www.youtube.com/watch?v=DcNoy132Ej8&t=1s

2. Get creative to find down payment funds! - You may be able to borrow from your retirement plan at work or take a penalty free withdrawal from an IRA. The IRS allows tax-free gifts from family and friends. Secured loans are allowed to fund a down payment as well.

3. Explore down payment assistance programs! Lenders, state agencies and housing non-profits are all potential sources. Options include outright grants or borrowed funds – some borrowed funds may even be forgiven after a minimum period of time. Many of these programs are offered in specific cities, counties or states, so reach out to local experts.

4. Ask for seller credits! - Motivated sellers may be willing to give credits to buyers. You can use money from the seller to pay your closing costs, buy out mortgage insurance or lower your rate and payment.

5. House hack! - Look for a home with space you can rent to roommates or rent on AirBNB. My first home was a duplex and the rent from the other unit made my house payment so much more affordable.

6. Team up! - See if a friend, roommate or family member might go in with you. Pooling resources can make it easier to qualify for a loan and make upfront costs more manageable. And your co-purchaser doesn’t necessarily have to live with you – loan rules allow non-occupants to co-buy.

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