Home ownership is a dream for most people living in rental accommodations. They want to own a home so that they can settle down, raise kids, become part of a community and enjoy their life. However, an important thing to keep in mind is that with home ownership come great responsibilities. You should buy a home when you are financially prepared to take on these responsibilities and overcome various challenges.

Qualifying for a mortgage is one of the biggest challenges for prospective home buyers. When a lender turns down their mortgage application, they simply give up. Here at Buyer Investor Match, we strongly believe that your ability to buy a home shouldn’t be measured by whether you can qualify for a mortgage from a conventional lender or not. (Related article: 5 ‘weird’ reasons why banks may turn down your mortgage application). There are lots of other alternatives including owner financing to finance a home deal. The biggest factor to consider is whether you can afford a home or not.

Here are five signs to tell you it’s the right time to buy a home:

You can put down at least 15% or more

You should be able to arrange for at least a 15% down payment. It will not only lower your monthly installment amount making the loan affordable, but also get you the best financing deal.

Under our Buyer Investor Match program, we don’t check credit score or verify income. Putting down at least 15% is the most important criteria that our buyers need to meet in order to buy a home with owner financing under our program. We know from experience that a person who has saved that much money is a serious buyer and most likely to keep up with his or her monthly payments.

Moreover, when setting a budget for buying a home, most people forget to factor in closing costs that can amount to anywhere from 3 percent and 6 percent of the property’s value.

You want to settle down

Your plans in life may greatly affect your decision to buy a home. When you want to settle down, start a family and raise kids, buying a home will definitely give you a sense of stability and security. If you have kids, it makes sense to buy a home in a good school district.

However if you plan to relocate to another city or take up a job in a different neighborhood in the near future, you should make sure that you will be able to commit to the responsibilities that come with homeownership.

Renting doesn’t make sense

Rental prices are rising steeply in the most U.S. cities. According to some studies, millennials are spending almost half of their income on rents. At the same time, home prices are also on the rise. Instead of paying rent, you should consider buying a home, particularly if you can afford the monthly mortgage payments. By owning a home, you will build equity and benefit from the appreciation in the value of your home.

You want to enjoy social status

Homeownership has the long-term social and financial benefits to individual homeowners. When you are living in a rental accommodation, you probably don’t feel any attachment with the property because you don’t own it. But as a homeowner, you can customize your home exactly to your needs and wishes. Homeownership allows you to build social status.

In conclusion

You probably noticed that we didn’t even mention you should buy a home only if you have a great credit. We have helped many credit-challenged home buyers realize their homeownership dream with owner financing. If you can arrange for a 15% down payment, we can help you too. Click on the button below to set an appointment with us using our online scheduler…