Homeownership in Metro-Detroit? Not out of the question for renters
People who currently rent homes and apartments in Michigan are willing to make a lot of sacrifices and slash their budgets to get that dream home and finally own property, according to a home-buying survey from Century 21.
Of the renters that were surveyed (non-homeowners), over 80% indicated a strong desire to buy a home in the near future. To make that happen, over 50% said they were willing to make sacrifices to cut out shopping, dining-out and the purchase of non-essential items and other luxuries in order to improve their financial standing to buy a home.
If you want to buy a home in Metro-Detroit, it’s not always necessary to view your financial situation as an 800lb. gorilla that you have to wrestle into submission. It’s surprising to many first time buyers that getting a mortgage through a Michigan mortgage lender is quite attainable without a massive amount of sacrifices.
Buying a home is attractive right now for a reason – homes in Metro-Detroit have never been so affordable. With record-low mortgage rates, appealing prices and a rising forecast for housing this year, it’s the ideal time for renters to buy a home in the Metro-Detroit area.
What I see all to often despite the current market is that renters feel they’ll need to wait another year before they can buy a home. For some it’s due to concern over qualifying for a mortgage. Others feel they simply cannot afford the traditional down payment.
There is help in Michigan for first time buyers!
For first time buyers, you can get a down payment reduced to as low as 1.5%. Imagine being able to buy your dream home with only $1,500 down instead of $10,000?
As a mortgage lender in Michigan, I work hard to communicate to first time buyers that anything is possible, and I can work with more buyers to get them into a mortgage and out of the rental situation. With prices this low, most first time buyers wind up spending less on their mortgage than they do for rent.
Renting for $700-$1200 a month for your current home in Metro-Detroit? It’s entirely possible to swing a mortgage on a less-expensive starter home or foreclosure with a monthly payment under $700. Maybe even as low as $500 depending on the home and terms.
Of those who were included in the survey, released Thursday by Harris Interactive, 29% listed price as the #1 factor that would influence their decision to buy. Other factors included employment/job security (29%), getting a low mortgage (11%) and the availability of homes (5%).
Price, low interest rates and availability are in perfect unison right now. Discover how easy it can be for you and your family to finally finance that dream home – come and talk to a Michigan mortgage lender today.
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