Owning your home is a top goal for a lot of people. It gives you a sense of stability and security, even if you’re technically still beholden to your mortgage lender. It’s not always easy to afford, though, especially if you’re a single person looking to buy on their own. So what options do you have if you want to afford a home?
Create a Solid Plan
The first way to work up to homeownership is to simply put in the hard work. You can create a plan to start saving money, and do all you can to save what you need. Start working on your credit score too, because that needs to be in good condition if you want to secure a mortgage.
Borrow Some Money
Some lucky people are able to borrow some money, either as a down payment for a home or perhaps even to buy some land and start building a home. If you have parents or anyone else willing to lend you money, or even give it to you, it’s obviously going to be a huge advantage.
Look Beyond Houses
You might dream of owning a huge house, but it doesn’t have to be your first property. An apartment or duplex could be more affordable for a first-time buyer, especially in some cities.
Get an FHA Loan
There are some funding options you might find easier to secure than a traditional mortgage. An FHA (Federal Housing Association) loan is one option, and often more attainable than other mortgages.
Refi Guide FHA Checklist to Buy a Home.