Between high prices and rising interest rates, today’s market can be tough for buyers, particularly if you don’t have a ton to spend.
But being on a budget doesn’t mean you can’t successfully buy a home. There are ways to help make the home buying process more affordable, even in today’s market.
So what, exactly, are those ways?
A recent video from realtor.com outlined key tips to make buying a home in today’s market more accessible — and affordable — including:
- Explore low or no-down payment loans. Coming up with a down payment can be one of the biggest expenses when buying a home. There are, however, a variety of loan options with low (or even no!) down payment options, including FHA, VA, and USDA loans. Doing some research to see if you qualify for any could be time well spent.
- Apply for down payment assistance programs. Alternatively, if you don’t have much (or any) money for a down payment, there are also a variety of down payment assistance programs that can help you get the funds you need to cover your down payment in the form of grants.
- Think outside of the box. Another way to make home buying more affordable is to look for properties where you might be able to get a good deal. For example, properties that are up for auction or listed as a “fixer upper” or “in need of TLC.”
