Turn Your Rent into a Down Payment Savings Program
- Monday, November 27, 2000
When it comes to housing, it's currently a buyers' market in many cities. The problem is, many wishful first-time buyers don't have enough savings to make a down payment.
Unfortunately, many people borrow their down payment, which puts them too deep in debt, causing further financial woes.
One solution is to look for a landlord who is willing to rent the house with an option to buy. In short, here's how it often works:
Suggestion: Before signing an option agreement, have a lawyer review it. Also, have a banker or lender look at the proposed contract to make sure you will qualify for a mortgage loan, based upon your current income and the projected down payment. If you don't qualify, don't sign the contract. You could end up losing all of your proposed down payment money.
Also, take a look at a book titled Buying and Selling a Home. It's full of valuable insights that you will use for years to come, regardless of whether you are buying your first house or selling your last. If you can't find it, look at No Debt News.
For additional money-saving and time-management ideas visit No-Debt Living, www.nodebtnews.com, where you can view more than 100 valuable articles and resources on financial, consumer and time-management news with a Christian perspective. Robert Frank is editor of No-Debt Living. Reprinted with permission from No-Debt Living. Copyright 2000 No-Debt Living.
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