The poor economy and low-paying jobs are stopping potential buyers from owning their first home as they struggle to afford a down payment and mortgage bills, but help getting on the housing ladder is available.
The increasing price of rents and mortgages, coupled with weak economy and wages that don’t match the cost of living are causing more and more young adults to stay at home with their parents and delay getting their place.
People Forgoing Healthcare to Afford a Home
More than half of all Americans (52%) have to miss out on some of life’s essentials, such as accessing medical care or saving for their retirement years. Some are resorting to using their credit cards or taking a second job and giving up their spare time just to afford the down payment on a home.
While house prices continue to rise, wage packets have not increased to match the bills.
Meager earnings have made saving enough for a down payment challenging for young couples and meant that the age at which parents see their offspring leave home has extended to the middle twenties or later.
Down Payment Assistance
For working people with secure jobs who have saved but find themselves facing a shortfall, financial aid is available.
Down payment assistance in the Ogden area is available for residents and may provide up to five percent of the total purchase price of the home in a grant form that does not need to be repaid.
Another option is a delayed repayment loan. $5,000 -$100,000 can be borrowed without incurring monthly repayment bills. How? The debt is only repaid when the buyer sells the home when it is deducted from his sale profit.
Some delayed repayment loans are interest-free, making them an affordable option for people wishing to build their assets.
For more information, see your community-based financial services provider, who can contribute to making the dream of a home a reality.