First steps to see if you can afford a new home

Question: We have dreamed of owning our own home, but are afraid that we don’t have enough cash. How can we be sure that we can “swing it”?

Answer: The timing is great to buy a home in Summit County. There is an increased emphasis on affordable housing with a number of new projects coming on the market and there are quite a few programs available for purchasing with a low downpayment.

Perhaps you just got a new promotion and your income is now high enough that you are concerned about paying too much in taxes, but don’t have sufficient cash tucked away for a downpayment. Or your first child is on the way and you are out-growing your small condo.

A knowledgeable Realtor can help you as a first-time buyer to locate the resources you need for a move. The first step is to sit down with a Realtor who is familiar with the loan programs that are available. You will need cash for a downpayment and an income that is high enough to meet the lender’s qualifying standards. A Realtor can often help find ways to minimize the amount of cash needed with a little help from either the sellers or the loan company. You may be able to include some of the closing costs in your mortgage and structure the transaction so that it works for you. If you feel ready to buy your first home, contact a Realtor who can assist you in making your dream a reality.