4 Barriers to Home Ownership You Can Overcome [Infographic]
Homeownership might be your dream, but in real life, dreams don’t just magically come true. You have to work to turn them into reality, and sometimes it can seem like that’s not possible.
Lots of things can be barriers to owning your home, but you can find ways to overcome them.
#1 No Savings
You don’t have any savings, which means you don’t have a downpayment on a home. Assuming you don’t have anyone willing to give or lend you the money, you need to start saving.
It’s easier if you’re saving as a couple, or maybe even a group of friends, but even on your own, it’s possible to create a savings plan. Start living frugally to save what you need.
#2 Low Income
If you don’t earn a lot, getting a mortgage can be tough, especially with only one income. While you might be able to find mortgage lenders that don’t mind, increasing your income is obviously another solution.
If you want it to happen, you need to create a plan. Whether you want to get a raise or promotion or start a new career, only you can try to make the change.
#3 Expensive Housing Market
An expensive housing market is hard to get around. Moving away is one option, of course, but you can try other things. Some alternative housing options provide interesting solutions.
#4 Poor Credit Score
A bad credit history won’t necessarily stop you getting a mortgage, but it will limit your options. It’s best if you can show that you’re able to handle your finances responsibly.
Refi Guide Credit Guide for Home Loans
