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Dealing with the fears of fence sitting first time buyers
People who claim to be home buyers are sometimes not really sold on the idea of leaving the Land of the Bland, the world of temporary housing, the rental world.  At some point in their journey to a better lifestyle, they are slapped by the harsh reality that they are contemplating making the biggest financial commitment in their lives.   Or, are they???
Many of my first time buying clients are limited in their buying power by their previous and ongoing commitments.  The first time buying couple typically have two late model car or truck loans to pay.  The original amount of the two loans is usually somewhere between a third and half the principal of their expected mortgage.  Their two vehicles are worth around half of what they paid, and they owe considerably more than that. 
Most of the first time home buyers I have assisted use an FHA loan and many ask sellers to pay closing costs.  The cash outlay for the new home is somewhere between $7-12K, and their new payment is a nominal increase over their rent payment, often mitigated by an offsetting tax deduction benefit.
The Big Leap from renting to owning is really not such a ... more

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