Real Estate Blog

5 Big Home Buying Mistakes to Avoid! – Mistake #2

Real Estate updates by The Kathy O'Neal Team


Many people would love to be growing equity in their own home, rather than paying monthly rent.

It feels fantastic to be building wealth, and to watch your mortgage principal go down, rather than watching your rent go up!

But where do you find the money for the down payment and other costs?

Many prospective home buyers assume they need a full 20% or more to even think about their own home.  This belief stops many would-be buyers from even looking into the possibilities.

The truth is there are others options for those who do not have the cash for a large down payment.  Mistake Number 2 is…assuming you need 20% or more before you can even think about buying a home!

Mortgage companies offer a broad range of loan options, and among those alternatives are some low and no down payment options for those who qualify.  Mortgage lenders are in the business of making loans.  They want to lend money to qualified individuals and couples!   That is what they do.

In addition to the many low or no-down payment options offered by commercial lenders, there are also government backed programs such as VHDA (in Virginia) which are specifically designed to help first-time buyers.  There are also VA loans for Veterans, and there are FHA backed programs designed to help reduce up-front home buying costs.

Over the years, my team and I have helped many home buyers get into their first or next home.  I have found that first-time buyers are usually pleasantly surprised when they discover that getting their first home is doable.  Even in this age of the informed consumer, many would-be home owners discover the “straight scoop” only when they actually talk to someone who is doing this everyday, rather than just reading about it from an online source.

My suggestion to you is that you sit down with a highly experienced real estate agent, explain your objectives, ask questions, and then go from there.  And since you are reading this now, I certainly invite you to give me a call and let me know how I can help.

Many people are reluctant to call someone who has not been personally referred to them by someone they know and trust, and I understand that.  So may I suggest that you take a quick look at this testimonial video of candid comments from folks we have served.

We are here for you….be in touch!

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