Many people want to buy a home now affordability is still a highlight of the current residence. However recent survey of Sparks Research shows that 20% of first-time home buyers cite a lack of financial education as a barrier to home ownership. This is certainly understandable. If you do not feel comfortable with the financial process of buying a home, it is difficult to make a certain decision. In fact four out of five homebuyers say they need help figuring out what they can even afford first. That’s why finding such suitable professionals to help you through the process is so important.
In addition to that, the same survey reports more than two-thirds of potential home buyers believe they will need help to save enough to advance payment. What they may not realize is that there are many prepaid assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Advance Resources recently released his Program Index of Q3 2020 Home Ownership, which explains:
“The number of total programs is 2,340, and more than 81 percent (81.1%) of programs currently have funds available for eligible homebuyers. “
Advance Assistance Programs Not Just For First-Time Buyers
Keep in mind that these programs are not just for first time home buyers, so it’s worth exploring your options, no matter where you are in your home ownership. For example, if you are working from home now you may be thinking of relocating to a more accessible area where you can extend your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Real Estate Agents (POMEGRANATE), explains:
“Rural areas have mortgages (USDA loans) that do not require down payments; and some workers who can work from home may want to consider outside suburbs or small towns where USDA home loans are available and where homes are highly affordable.”
If affordability is on your mind and you expect to work from home for a long time, the right home may be in a region you haven’t considered yet. In addition, the help program you need may also be available.
If you are interested in learning more about prepaid help programs, additional information is available at Advance Resource. Your real estate advisor can help you decide which option is best for you personally.
Thanks to a range of prepaid help programs, cheap options exist for today’s hopeful homebuyers. It is important to get the financial education you need to understand the process of buying a home and fulfilling your real estate needs. Let’s connect today to get you started on the road to your dream home.
Content previously posted in Keep Current Things