Dallas Real Estate – Why You Think You Can’t Buy A Home

dallas real estate

You’d love to buy a home in Dallas, but there are various reasons you think your dream is impossible right now – lack of money for a down payment, your credit history isn’t good enough, can’t afford a mortgage – the list goes on and on. There are many people in situations that make it impossible for them to buy a home, but there are just as many who believe it’s impossible when it actually isn’t. Interested? Keep reading!

Suspect your credit history isn’t good enough to obtain a mortgage? Even though you may have a few dings on your credit score, it doesn’t mean it’s impossible to buy a home. If you have a steady employment history and have paid down credit cards, you could still be approved. Credit scores as low as 620 are allowed by some private mortgage insurance programs. You may also want to consider seller financing, lease-to-buy programs, or other options. Keep in mind that you may need more of a down payment if you have a lower credit score.

Think you can’t afford a house payment? If you’re currently paying rent, you may be surprised. In many cases people pay more in rent than they would pay on a mortgage, and what’s the investment? Absolutely nothing. When you rent, you’re not investing in your own future; when you pay a house payment, you are. Rent often includes what landlords would have to pay in insurance, taxes, maintenance costs, etc. so rent is often equal to or higher than you’d pay on a mortgage!

Don’t have 20% down to purchase a home? The 20% down myth is one that has lingered on for years. The fact is, an FHA backed loan or one with the Dept. of Veterans Affairs can result in your being able to buy a home with as little as 3% to 5% down! In addition, younger buyers such as millennials with stable employment and good credit may want to consider grants to subsidize a down payment. It’s important to note that if you do put down less than 20% you’ll need private mortgage insurance until the point you reach this threshold.

For many who think buying a home is out of the realm of possibility, it actually isn’t! Whether you think you haven’t been at your current job long enough or you can’t afford a mortgage, the truth is it may not be as difficult as you think.

At Team Nelson, our Dallas real estate professionals are ready to talk to you and help determine if it may be possible to buy a home regardless of your situation. We’re here to help make your dream a reality!

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