You’re probably reading this because you’re living in a rented house or apartment, and you feel like you will be stuck there for the rest of your life. You don’t want to move back to your family home, and you don’t want a nomadic lifestyle living out of an RV.
Ideally, you’d like to buy a house and not feel like you’re throwing away money renting one. However, you don’t have the funds available to make that happen, as you seem to spend most of your disposable income on your rent.
Is your ultimate goal nothing more than a dream? The truth is, anyone can make their dreams into reality, and that applies to buying a house. With that in mind, how can you make that happen if you’re broke? Check out these fantastic suggestions and tricks:
Look At Ways To Increase Your Income
One of the most obvious things you can do is work out ways to bring home more money each month. Once you’ve paid for your living expenses, you can put aside more cash each month towards a down payment.
Another idea is to look at what you pay each month and try to cut out unnecessary expenses. You should also consider paying off existing debts like loans and credit cards to give you even more disposable income to play with.
Look At Alternative Ways To Fund Your House
Let’s face it: the traditional route to homeownership involves saving up money for a downpayment or deposit and then getting a mortgage. The thing is, some people don’t have the means to save up downpayments.
All is not lost if you can’t save enough money for a downpayment or save in a timely fashion despite your best efforts. You can still look at alternative options, such as getting an FHA loan.
Such loans are affordable options with small downpayment options. Take a look at some FHA FAQs to find out more about how such alternative home funding options work and whether they’re a good match for you.
Also, you might have come across VA loans that enable veterans to buy homes with no money down. But, what you may not know is that such loans are also available to non-veterans as long as you meet specific qualifying criteria.
Buy The House You’re Renting
If you enjoy living in your existing house, but you hate that you’re paying money just to rent there, another idea is to buy it from your landlord. You could talk to them about a Lease to Own or Land Contract.
In a nutshell, a Lease to Own or Land Contract allows you to buy your home from your landlord with a small downpayment. You can discuss how much of your rent goes towards buying the house and eventually apply for a conventional mortgage on favorable terms.
Even if you don’t have much money, it still doesn’t mean that you can’t buy a house. The above examples are just some of many you can consider to turn that dream into a reality.