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Falsely encouraging, purchasing is always the better option but you have to consider more than this when buying a home. First off, 200,000.00 is absolutely not realistic at this time in the market. Second.. https://twitter.com/navileapril/status/1263931549524922375
3% down is a first time home buyer incentive but that rate does fluctuate and you have to meet certain credit requirements, your debt ratio needs to fall in a certain area, and you have to be able to verify your employment a number of months leading to your purchase. Also..
I can’t speak for other states but in California, in order to get a loan you have to go through escrow, which adds to your closing costs. You do not pay for a real estate agent as a buyer but there are costs associated with your purchase.
WHEN YOU SELL.. Depending on the type of loan you have, you may pay a penalty for paying it off early, you’ll have to pay escrow/title fees again, and you’ll likely pay 5/6% of the purchase price in commission to both selling and listing agents. All in all..
Owning property is the most attainable form of wealth for the average American and it’s a fantastic goal to have but please go into it with diligent research and an agent that KNOWS THEIR SHIT!!!!!!!!!! ask ask ask questions!
