Taking the Leap from Tenant to Area Homeowner

Each day, any number of tenants see the perfect area house for sale, yet fail to go ahead and investigate further. Making the move from tenant to homeowner is, after all, one of life’s major decisions — so no matter how perfect such a find might be, making the leap can seem daunting. 

According to the Rental Protection Agency, by last week there were more than 107,000,000 renters in the US — a number that increases by 2,600 a day. In other words, if you are a little unsure about snapping up even the most perfect local house for sale, you are hardly alone. Still, there is that nagging suspicion that homeownership brings substantial financial advantages to some people…

Fortunately, there are concrete indicators that when a area house for sale looks like a good fit for your family, it will be a good fit for your financial future, too. As a rule, if you qualify for a mortgage, you stand to benefit from homeownership, too.

One of the main reasons people don’t take advantage of an otherwise ideal house for sale has to do with their credit history. Qualifying takes a credit rating that pencils out to merit a mortgage with beneficial terms.

If you have savings that are substantial enough to serve as a down payment (generally somewhere between the FHA’s 3.5% to as much as 20%), you have an important leg up.

Importantly, in the big picture, you need to gauge your overall financial stability. No one can see 100% into the future, but even if a local house for sale is a great value and ideal for you, unless in your income has been steady for at least two years, you probably should wait (and most lenders would agree).

With good credit, savings for a down payment, and a steady income, you are likely to belong to the group which sees substantial long term benefits from homeownership. If you find a local house for sale that seems well suited to your needs, here’s an undaunting first step: call me today to help get you pre-qualified!