Connect with us

Hi, what are you looking for?


How to Buy a Home, Explained

Most people think buying a house is out of their league, but I promise you it isn’t. Here are four ways for you to buy a home.

Option #1: Get a mortgage.

While most homes do cost hundreds of thousands of dollars, you don’t have to pay that much upfront. At first, you can get a mortgage, which is of course a loan specifically for property. Right now is a great time to buy. Interest rates are extremely low, which brings down the cost of borrowing money. In a lot of cases, when you get a mortgage, you only have to pay about 3% upfront of the asking price. Sometimes, you may not even need to have a down payment.

Option #2: Learn about the FHA.

If you have a low credit score or low income or don’t think you can qualify for a traditional mortgage, then take advantage of government programs. One major resource popular with first-time homeowners is the Federal Housing Administration (FHA). Your credit score can be as low as 500 to be considered for an FHA loan. Plus, the downpayment with an FHA loan is only 3.5%. So let’s say you want to buy a house for $250,000. You only need about $9,000 to buy that house. The FHA even offers loans to help homebuyers purchase a home and renovate it. All with one single mortgage, you can find a fixer-upper and turn it into your dream home with a little help from the government. 

Option #3: Downpayment assistance programs

Downpayments are typically a huge stumbling block for potential homeowners. Luckily, there are downpayment assistance programs that offer grants and low-interest loans to help homebuyers afford a place of their own. There are more than 2,500 downpayment assistance programs across the United States. On average, they save homebuyers more than, get this, $17,000. If you need help with your downpayment, search locally because most programs are at the state, county or city level.

Option #4: USDA loans for rural areas

There’s another great government resource for buyers living outside of major cities: Pay attention if you live in a rural area in the United States. The U.S. Department of Agriculture (USDA) offers home loans. All you have to do is go to the website, use their map to make sure that you’re in an eligible rural area and you can apply. In many cases, you can buy a home through this program with as little as $1,000 down.

Benefits of owning over renting

It’s also important to note that in many areas, a mortgage payment costs about the same as rent. At least when you own a home, you’re investing in a source of value. And you can of course live in the property. Values tend to rise, giving you a potential profit if you sell. And never forget: Rent will always rise, too, but that will really only benefit your landlord. So like we always say here at Bold TV, don’t underestimate yourself. Check out the resources in your area that can make you a homeowner and change your life.

3 days ago
With #Saweetie having her own meal at #McDonalds. Do you think this is the right move? Or are they just copying the same idea they had with #Travisscott? Can Travis Scott Save McDonald’s? -
3 days ago
Robinhood Going Public Amidst Continued Controversy -
3 days ago
Looking at the Timing of Japan’s State of Emergency -
3 days ago
Why Are Travel Expenses Breaking the Bank? -
3 days ago
Scarlett Johansson Battles Disney Debut of Black Widow -

You May Also Like


A new Starbucks location isn’t just a bat signal for coffee drinkers. It is also an indicator of growing real estate values in the...


I am a Robinhood user. I downloaded it to enter the world of investing. Some of my friends from college recommended it because it...


It’s almost been a year since the statewide lockdowns began to spread across the country. Since then, qualified Americans only received one stimulus payment....


Have you ever heard that Denmark is the happiest nation in the world? In this segment on happiness, we hear from our guest host...

Copyright © 2021 Bold TV. Bold TV is owned and operated by GenBiz Inc. a 501(c)(3) non-profit organization.