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How to Buy a House with Little to No Down Payment

Light-filled home in Seattle. 2650 sq ft. Master suite upstairs + two bedrooms on main. For more info contact Teri Barry, Keller Williams, 206-632-2636
Light-filled home in Seattle. 2650 sq ft. Master suite upstairs + two bedrooms on main. For more info contact Teri Barry, Keller Williams,
206-632-2636

Do you know someone who would love to stop renting and buy their own home? A new study says 79% of Millenials want to buy a house. This study, by Bloomberg, goes on to tell them they can’t save fast enough for a down payment. I am here to tell you that I disagree! Why?

Bloomberg’s chart shows how many years it takes to save 20 percent down.
But who says you have to make a large down payment? It is not required.

Renters, take heart!

Here are tips for buying a house when you can’t save fast enough for Bloomberg.

If home values continue to increase next year as fast (or nearly as fast) as they did in 2015, you are better off buying now than waiting until you can save for a larger down payment.

Also consider that home owners receive the best and biggest tax deduction available. Typically, a home owner can deduct the interest portion of their payment plus property taxes. This lowers their tax bracket, potentially saving significant taxes. (Speak with your CPA for tax advice.)

If credit score is your barrier, then pick up a copy of Repair Your Credit Like the Pros here and get to work. Earlier today, I heard from a lovely young woman in Ohio who followed the book’s directions and is now applying for a home loan. Yes, credit repair works! But you must do it properly, like the credit attorneys and certified credit professionals.

What barrier is keeping you from the American Dream? Post a comment (see top of this article) or send me an email here. I promise to reply.

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