Buying a home is a significant investment that requires you to dig deep into your pockets. At first, it may feel like an impossible challenge. However, it is not as impossible as it seems. With a little planning and the application of a smart financial strategy, you can move into your new home sooner than you may think.

Four Strategies that Lead to Homeownership

• Get Your Financial House in Order
  As a general rule, you will need to save at least 5% of the home's price for a down payment. That is why our REALTORS® recommend getting your financial house in order as soon as possible. This involves cleaning up your credit, paying down debts, and trimming your monthly expenses to the bare minimum. You may need to sell-off non-contributory assets such as extra cars, refinance existing loans, or cut back on the weekly latte meetings with friends. These factors have considerable influence on your ability to save. When these are taken care of, you will find it much easier to save up the down-payment. How long it takes to accomplish these objectives is up to you. Motivated buyers have been known to do all of this in one year. More commonly, it takes between two to three years.
  
  
• Take Advantage of Government Loan Programs
  There are numerous programs offered by the VA, USDA, FHA, and many other state and federal entities. It is to your advantage to see which programs you qualify for, and what documentation you need to compile before you apply for a loan. Some of these loans make it possible to purchase a home with 3.5% down or less. In particular, look into the Michigan Down Payment Program that provides down payment assistance of up to $7,500 and has relatively easy to achieve acceptance requirements.
  
  
• Start Putting Money Away
  Saving money is as easy as opening a bank account. However, there are ways to save money faster while trimming your tax bill at the same time. Our REALTORS® are eagerly watching and hoping that the governor will sign into law legislation passed by the state legislature that would create tax-advantaged savings accounts for first-time home buyers. If that happens, first-time home buyers in Michigan will find it much easier to start saving for their new home.
  
  
• Get the Ball Rolling
  When you have your finances in order and are putting money away, that is the time you want to start looking at properties. There are many Brighton homes for sale, and it would be our pleasure to help you determine which properties fit within your budget and meet your property ownership needs and goals. We can also introduce you to area lenders we recommend for first-time home buyers. These individuals have considerable experience in the industry and can help you understand everything from mortgage terminology to financial strategies that are tailored to your specific financial needs.

Griffith Realty Can Help

Buying your first home is a big step. Saving up the initial down payment and establishing solid financial habits requires making significant changes to the way you handle money. The good news is that once you buy your first home, the process gets easier. This makes it possible for you to buy your second, third, etc. until you have enough equity built up to purchase your dream home. 

Contact us for more information about buying your first home. Our real estate agents are professionals at getting your journey to homeownership started.