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Demystifying Homeownership: Buying Your First Home Without Breaking the Bank

January 2, 2024

Are you a first-time homebuyer feeling overwhelmed by the misconception that purchasing a house requires a hefty upfront investment? Fear not! In this guide, we'll unravel the myth that you need to spend a fortune to own your dream home. Let's embark on a journey to demystify homeownership and show you how it's possible without draining your savings!


Dispelling the 20% Down Payment Myth: Gone are the days when a 20% down payment was the golden rule. Many first-time homebuyers now can enter the market with much less. Government-backed loans, such as FHA loans, may require as little as 3.5% down or less. That means for a $200,000 home, you could potentially secure it with just $7,000 upfront.

Government Assistance Programs: Numerous government assistance programs exist to support first-time homebuyers. These programs provide financial aid, grants, or low-interest loans to reduce the burden of upfront costs. Research available programs in your area to see how they can make homeownership more accessible.

Building a Solid Credit Score: Before diving into homeownership, focus on building and maintaining a healthy credit score. This can ultimately save you money over the life of your mortgage. Make sure to speak with our preferred lenders, as even if you don't initially qualify for the home you want, they can work with you over time to help you qualify in the future.

Working with Preferred Lenders for Minimal Down Payments: When partnering with our preferred lenders, and if you qualify, you may have the opportunity to get into a home with as little as $1,000 down. This exclusive benefit can make homeownership even more accessible for first-time buyers. 

In conclusion, you probably need a lot less money upfront than you think when buying your first home. With a variety of financing options, assistance programs, and strategic planning, your dream home is within reach without breaking the bank. Remember to take advantage of our preferred lenders, as they're here to help you! Planning ahead of time and working with them can help you immensely in the long run!

Happy house hunting!

Annie is the best and I could not imagine this process with out her! When I first walked in to Lupton Village office, Annie never looked at me as too young to buy, she always treated me as a potential buyer. She took my dreams of being a homeowner by the age of 21 and made it happen. She always made sure I was in the loop and updated on the progress of the house! My unit was popular amongst other buyers but Annie was honestly the reason I went under contract that day. I will forever be grateful for Annie and the fact that she made sure I got my dream first home by the age of 21!

The Sianis Family | Fort Lupton, CO - Lupton Village Townhomes