Buying a Home is Cheaper Than Renting In Many Areas
So you came to visit the Lowcountry and fell in love. Now, you want to live here permanently.. or you already live here and are frustrated at the long-term rental rates in the Bluffton/Hilton Head Area. I mean, how can you save for a down payment when all your money is going to rent?
You’re not alone. Rents have been rising across the country. A new study from Zillow shows how in many cities it’s cheaper to buy a home rather than remain in a rental unit.
Buying a home in the Bluffton, Hilton Head and Hardeeville areas can be less expensive than renting. But, you need to understand how you break out of the rent cycle so you can purchase a home.
How much cheaper is buying?
For the country overall, the median rent is $1,416 per month. That’s close to the average rent in our area for a two to three bedroom unit. That’s enough to cover the monthly expenses associated with owning a $289,505 home.
How can I buy a house if I don’t have a down payment?
There is good news and good news here. First, there are many programs out there that require little or no downpayment. You just have to know where to look.
Here’s some creative ideas for that down payment.
USDA loans are still available in our area and there is also a new HomeReady program by Fannie Mae that may help.
Military background? There are VA loans and Navy Federal Credit Union loans, and in some cases you may qualify through the service of a family member.
What if my credit score is under 700?
More good news here. Many mortgage lenders have relaxed their qualification guidelines and the debt to income ratio has been increased. It is easier to qualify now even if you have less than perfect credit or have other debt (like auto or student loans)
What’s my first step to purchasing a home?
Call us at 843-707-6956. We’d love to be your buyer’s agent. We can refer you to mortgage brokers in the area that will be honest with you and help you qualify for homeownership. They can also let you know how much house you can afford so that we can start the home search together.
Call us today (843-707-6956) and we’ll get started on this journey together!