Recent television and newspaper articles suggest that Denver is a rental city, with 52 percent of all households being tenant occupied and only 48 percent being owner occupied. Millennials in high-cost housing cities typically find themselves renting for much longer than they anticipated, even though they hope to end the cycle of renting and become homeowners.
One of the most common misconceptions is the amount of money a buyer will need to save for a down payment. Think you needed a 20 percent down payment? In the metro Denver area, a median-priced home would require approximately 17.7 years of saving to reach that target. This scenario leads many young adults to feel forced into renting forever.
There is good news out there!
There are many programs to help people achieve the dream of owning their own home. Chris Klapp of America’s Mortgage provides one example:
There is a program from the Colorado Housing and Finance Authority (CHFA), not limited to first time homebuyers, that is only 3 percent down with a grant of 3 percent of the loan amount, which accounts for a large portion of your down payment. If you are purchasing a $200,000 property, your down payment would be $6,000; subtracting the $6,000 from the purchase price of $200,000 leaves you with a loan amount of $194,000. You then apply for a grant for 3 percent of that loan amount. You would receive $5,820 back from CHFA, thereby rendering your entire down payment to a total of $180!
Another option is to purchase the home you are currently leasing.
InTransit has helped many tenants to purchase of the home they’re living in. It’s a win-win for both the tenant and the homeowner, particularly with our Loyalty Listing flat fee of $5,000.
At InTransit Properties our goal is to insure that our tenants achieve their housing goals. We’ve been successful in assisting many tenants in finding a property that they can both afford and that will be a good investment in their future. We can help you break that “forever renter” cycle!
For more information about options for financing your home, contact Chris Klapp at America’s Mortgage, 720-493-8844 or firstname.lastname@example.org. Please mention InTransit Properties’ InTransit Talks newsletter.