Using your future payments to buy a home now
Did you know that on national average it is 41% cheaper to buy a home than rent? Some research even suggests that rent will continue to increase in the New Year. Maybe you would love to buy a home but you didn’t think it was possible. Depending upon your income, debt, where you want to live and the assets you have; homeownership could be in your future. (1)
Perhaps you thought of buying a home but you don’t have much money saved. That’s OK! Did you know many states like NY, NJ and NC have some of the best programs for first time homebuyers as well as buyers looking to buy homes in certain areas of their states? Many states offer loan programs with lower interest rates, lower closing costs and even lower down payments. Some down payments are as low as 3.5%. These as well as other Federal programs are designed to make homeownership within your reach.
You should check with a local realtor or your state’s housing and urban development departments to see what programs are available to you. You may be surprised by your options. (2) Veterans have additional programs available to them that they should consider as well. (3)
Perhaps you don’t have access to the kind of money required for a down payment since all your cash is tied up in an illiquid asset like an annuity, structured settlement, life insurance police or royalty payments. You have the option of selling some or all of your future payments for a cash lump payment. Use some of the money for a down payment and put the remainder in an emergency fund or other liquid investments.
You could also use a portion of your lump sum payment to make necessary updates to the home such as making it handicap accessible or upgrading the heating system. The choice is yours.
Selling your future payments isn’t for everyone. Either is owning your own home. However if you are interested in learning how you can gain access to your future payments to fund your homeownership dreams, give us a call today at 877-386-3377. We can provide you with a true market value for your future payments.
Sources:
http://trends.truliablog.com/2013/06/mortgage-rates-rent-vs-buy/
http://realestate.msn.com/10-best-states-for-first-time-homebuyer-help
http://realestate.msn.com/10-top-loan-programs-for-veterans