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First time home owner: 3 possible options

Friday, August 12, 2022   /   by Marketing Profile

First time home owner: 3 possible options

We get it, the market has been crazy. It can be hard to get into a home with no existing equity to back you up. Luckily, there are many options available to you.

1. Lease-to-purchase:

Yes, this is a home-rental program, but it also gives you the privilege to purchase the home should you decide! The incredible part is you get to shop for the property from for-sale inventory. Sort of a try before you buy program where you have the option to buy the home, but not the obligation.

How it works:
- You apply for the program and become an approved renter(s), as you would for any rental program.

- Once approved, you will go home shopping with one of our licensed Realtors from the Gamboa Real Estate Team.
- When you find a home that qualifies for the program, the Realtor will write an offer for the investor, representing them in purchasing the home.

- Once the offer is accepted, the home is purchased and rented to you.
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2. FHA loan:

A FHA (Federal Housing Administration) is a financing option for first time homeowners. FHA loans are great if you don’t have a lot of money upfront, or if your credit score is lower. An FHA loan allows you to pay a smaller down payment. Sometimes this type of loan will result in a higher PMI (Private Mortgage Insurance) monthly, but it is still a helpful plan for a lot of first time owners if they don’t qualify for other conventional loans.

3. Seller Financing

Seller Financing is a unique way to buy a home. The buyer and seller work together to complete  two main steps. 1. Transferring the rights and title of the property to the buyer and 2. The buyer paying a single down payment (or a series of payments) to the seller for the house. This can be a really great option if you don’t qualify for a traditional mortgage, but still have the financial ability to pay for a home. 

Do any of these programs sound like a great fit? These are only 3 of the many programs available to new homeowners. Don’t feel discouraged! As a first time home owner, there are many paths for you to follow on your journey to home ownership. It becomes a lot less confusing with help. Consider connecting with an expert agent on our team. Call us to talk about your individual situation at 801-214-8146.

The Gamboa Real Estate Group
Jona Gamboa
6575 S Redwood Road #101
Taylorsville, UT 84123

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of July 24, 2024. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2024 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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