According to myapartmentmap.com, the average rent for a one-bedroom apartment in Virginia is $1,272. That’s $15,264 per year in rent. You might be surprised to know if you bought a home for $255,968, your monthly principle and interest payment would be approximately *$1,200!
There are many times in life when renting is the best option, no doubt. But once you find the area and neighborhood in which you can envision yourself settling in and putting down roots, you don’t have to let the fear of not having the money necessary for a downpayment keep you in that apartment another year!
Many households earn enough to make monthly mortgage payments (many times it’s less than rent) but keep themselves out of the home buying market due to the belief they can’t come up with the downpayment. What you may not know is there are hundreds of downpayment assistance programs around the country that go underused because people don’t know about them. There are many programs available to help mortgage-ready households and requirements might not be as limiting as you think.
In Virginia, downpayment assistance for first time homebuyers is administered by the Virginia Department of Housing and Community Development (VHDA). There are loads of programs through HUD to assist buyers and homeowners in buying and keeping their homes. Check out either above link for details and qualifications for downpayment help.
You could be on your way to building equity rather than building your landlord that new swimming pool Remember, when you’re ready to start the search for your home, I’ll be ready to show them to you!
Special Agent 32 firstname.lastname@example.org
* Based on a 30-year fixed rate mortgage, at an annual interest rate at 3.85%