There are many reasons why people continue to rent homes or apartments rather than buying.  Here are some of the top reasons that people keep renting:

-Have not saved enough money for a down payment

-Have too much debt

-Do not make enough money

-Credit isn't good enough

Of those reasons, there may be programs available to help those that want to buy.  Depending on where you want to buy, you may be able to use a rural development program that is still zero down – or maybe you qualify for VA financing – also zero down.  If not, start trying to set aside money to have a down payment – maybe you can qualify for down payment assistance with some special programs.

If you can't buy because you have too much debt, work on paying it down so you can buy a home.  If you do not make enough money, you may need to pay down debt or maybe look for a second job – you will need a two year history before you can use both incomes.

Some people simply do not want the responsiblity of owning a home and the upkeep that goes with it and that's ok.  Not everyone is going to own a home.  Some want to be able to move frequently and that doesn't always work out when you own a home.  Others have seen the housing crisis over the last few years and are afraid of owning a home.  Some people are concerned about their job stability and don't want the added worry of making a mortgage payment if they lose their job.

For those that do want to buy and are not sure where to start – talk to a lender or a realtor.  Get some good advice on what you can and cannot do.  See if you qualify now or if you need to work on your credit or saving some money.  Once you know what you need to do, you can work towards home ownership!  Some people are surprised and find out they can buy now – maybe with a special program for down payment assistance.  Others need to work on their credit before they can buy.

Home ownership is not for everyone, but if you want to buy find out what you need to do.  Set your goals, work with a lender and realtor that will help you achieve your goals! Home ownership can be a wonderful thing!  You can gain equity in your home, decorate it (inside and out), know that you have a place to call your own!

Leslie Vanderwerf,  NMLS ID#335509, American Mortgage & Equity Consultants, NMLS#150953 - Email - Website

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About Leslie Vanderwerf

Currently a Branch Manager for American Mortgage and Equity Consultants, Inc., it's hard to believe I have been in the mortgage business for more than 25 years and have worked with Sharlene since 2000! I love sharing mortgage insights here each week and helping people finance their homes. Listening helps me find the right program for you!

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