A mortgage isn't fatal but renting won't build wealth. First time buyer programs start with today's mortgage rates, the lowest in history. There are plenty of reasons to stop lining you landlord's pockets. Look at some benefits of home ownership verses renting.
First Time Home Buyer Programs
You can search online for that perfect home. You can look at pictures, get neighborhood information, and see virtual tours as if you were actually walking through a home. The hard part is finding the right financing. You can get quotes online from a hundred different lenders but who can you trust? One thing is for sure. Mortgage rates are at the lowest levels of our lifetimes. Take a look at the mortgage rate history for 30 year fixed rates over the last 52 weeks verses the last 52 years. It's obvious that rates are at the bottom. This results in first time home buyers or any buyers for that matter being able to buy more "house" now. Buying now is better than waiting.
Don't Kick Yourself
Mortgage rates are going to go up. We all know this but no one can say when. Why wait? Here is a hypothetical example. Of course, your credit score, taxes, and insurance will affect your payment. If you are paying $1,200 a month for rent and want to keep your mortgage close to the same, you can borrow up to $200,000 at today's rates. When the interest rate goes up one half of one percent (+0.5%), your available amount drops to $180,000. That's $20,000 less purchase power on an increase of 1/2% in the mortgage rate. Don't kick yourself in 2016 for not buying in 2015. Take a look at my article on => 8 Best Ideas For Home Finance.
Dream Home vs Stepping Stone
Today's mortgage rates are one of the best first time home buyer programs out there. First time home buyers are apprehensive about taking on a big mortgage so many are looking in the lower price ranges for homes. First time buyers may not be able to afford their "dream home" but why not purchase a home as a "stepping stone" toward that dream home in the future. With rates at the lowest levels ever and home prices appreciating, one of the best first time home buyer programs is this excellent opportunity to step up to a newer or larger home in the future. Take a look ay my article on => Are Fixer Uppers A Smart Purchase.