Can You Afford to Purchase a Home?

Housing affordability has become one of the most prevalent financial challenges facing consumers in today’s market. Many people are having difficulty finding housing that comfortably fits their budget. In this time of higher home prices, higher mortgage rates, and limited housing supply, there are a few things individuals can do to overcome these obstacles.

• Enhance your financial position by making small improvements that can strengthen your buying power.
  • Improving your credit score results in better mortgage rates
  • Reducing current debt lowers your debt-to-income ratio
  • Structuring your savings to consider a down payment and/or closing costs
• Understand what you can truly afford by considering not only the amount your lender approves, but also other important expenses that come with owning a home.  
  • Property taxes
  • Insurance
  • Maintenance
  • Unexpected expenses
• Expand your search strategy by evaluating alternatives that may not look exactly as you envisioned.
  • Consider smaller homes or fixer-uppers.
  • Consider locations that may not be your first choice
  • Be open to condos and townhomes
• Negotiate with the seller to see if they may be willing to help.  
  • Ask the seller to cover all or some of the closing costs
  • See if the seller is willing to reduce the purchase price to offset closing costs
• Take advantage of options many lenders offer to assist home buyers that can reduce upfront costs significantly.
  • First-time home buyer programs
  • Low or no-down-payment programs
  • FHA, VA, or USDA loans

ECU offers several mortgage options designed to ease the financial burden of owning a home. To learn more about how ECU can customize a mortgage loan just for you, visit ecu.org/mortgage or call 800.999.2328.

Equal Housing Opportunity Lender