It's very possible that the best first home for you may be a multi-family home. Having a tenant to help pay your mortgage can really pay off.
A duplex is a single building with separate units and separate entrances. You can live in one of the units and rent out the other. Being a first-time homebuyer and landlord can work well together, especially if you live on the same property as your tenants. As a new homeowner, you may be more flexible about your living arrangements, having lived in apartments, and perhaps are without too many other heavy responsibilities such as children.
Many first-time buyers who purchase a duplex and rent out the other unit are working to prepare themselves for the next property . . . perhaps a single-family home where they plan to start a family. The plan may include keeping the duplex as an investment, renting both sides, and using the supplemental income to help with the next home purchase and begin building steady long-term wealth.
Zero and low down payment mortgages were blamed in large part for the housing crisis. But the much bigger issue was that lenders were lending money to people who couldn't afford to pay, and to people who were very bad credit risks. There were many factors that landed us in the crisis, and the zero and low down payment mortgage products were just one of the contributing factors.
Things are a lot different today. Qualifying standards are much more stringent. Most lenders have checks and balances in place to assure they are only lending money to people who can afford to make the monthly payments and who are good credit risks.
It makes a lot of sense to bring back zero and very low down payment mortgages in today's environment. Several major lenders are now offering loans with as little as 1% down, and one major lender has announced a zero down mortgage program.
Incredibly elegant and classic colonial on a gorgeous rural lot yet still close to major transportation. Sitting just 8 minutes from the NYS Thruway...
This magnificent home is situated on almost 10 acres of privacy for a country retreat. As you enter this palatial home you will be amazed by the size...
Incredibly elegant and classic colonial on a gorgeous rural lot yet still close to major transportation. Sitting just 8 minutes from the NYS Thruway...
Outstanding opportunity for a well maintained four bedroom, three bath home. Two story entry foyer welcomes you to this bright, open floor plan with...
My agent is knowledgeable, resourceful, and fast acting. She made my first time home buying experience a pleasurable one. She helped me with everything, from what to look for, ideas for upgrades, and was very honest when I asked her opinion. I would highly recommend her to anyone, and would definitely use her as my realtor again in the future.
Nancy C.
Just a quick note of appreciation for your efforts on our behalf. Your are the embodiment of a total "pro"! We can honestly say this was the best experience we ever had with a real estate transaction. That was because of you! You are the best!!
John and Cathy R.
My agent went above and beyond, both professionally and personally; the relationship didn't end once the papers were signed! She was able to enlist the help of her peers to assist in unloading our moving truck when our movers fail to show up.
Amy W.
I have had many dealings with my agent in the past and have always been impressed by her professionalism, attention to detail, and willingness to work as hard as necessary to see that the matter was successfully concluded. In fact, when it was time to select a realtor for a personal real estate matter, she was the only realtor I considered.
Richard B.
My agent has been a pleasure to work with while I have been through the process of buying my house. She is very knowledgeable about all aspects of the real estate market and has been able to answer all of my questions and reassure my concerns. Under all circumstances she has remained a constant professional and has gone above and beyond to make sure all aspects of this process have gone smoothly.
It's very possible that the best first home for you may be a multi-family home. Having a tenant to help pay your mortgage can really pay off.
Zero and low down payment mortgages were blamed in large part for the housing crisis. But the much bigger issue was that lenders were lending money to people who couldn't afford to pay, and to people who were very bad credit risks. There were many factors that landed us in the crisis, and the zero and low down payment mortgage products were just one of the contributing factors.
