Common Misconceptions About Home Ownership

Everyone seems to have an opinion about home ownership. But how do you separate the fact from the fiction? Here at Attainable Homes, we’ve found some common misconceptions about home ownership. Don’t let these myths prevent you from fulfilling your dreams of home ownership.

You Need to Save a Large Down Payment

With today’s cost of living, saving a down payment can be a challenge. However, with the Attainable Homes program, your portion of the down payment is only $2,000. The balance of your down payment comes in the form of a wholly forgivable equity loan. 

Find a Home You Like, Then Get a Mortgage

Many people think they should go house shopping first, and then get a mortgage that will cover the cost of their dream home. In actuality, it is prudent to get preapproved for a mortgage first, so when you go shopping you can find a home that meets your lifestyle, and your budget.

You Have to Live There Forever

If you’re buying a home, you should plan to live there at least 3-5 years. But you’re not committed to living there forever. However, if you want a more flexible lifestyle, that allows you to move frequently, home ownership may not be for you.

You Can’t Own a Home if you Have Debt

If you have debt such as student loans, car loans, or credit cards, it doesn’t mean that you won’t be able to get a mortgage. Meet with a specialist to assess the impact your debt may have on your ability to handle a mortgage. If you have credit troubles, or the debt is too great for you to be able to afford a mortgage, your lender can help you with a plan to improve your financial standing.

To learn more about your attainable home ownership options, visit: http://attainyourhome.com/available_homes
Join the conversation on Facebook or Twitter.