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First-time buyer clueless about costs

REThink Real Estate

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Q: I'm a first-time homebuyer and I don't have money for a down payment of $8,000. I have only $2,000. (I pay $1,570 for rent right now.) Prices are so low right now that I really would love to buy a house. How can I get into a house without putting so much down for the closing costs? A: There are certainly strategies for finding money to bolster your down payment and accelerate your ability to buy a home, and we'll get there in a minute. First, though, I want to caution you about rushing into homeownership while your finances might be immature for the responsibility. Smart ownership involves making sure you have enough funds not just to close the deal, but to cover the true costs of owning and maintaining your home over the long term. Mindset Management You are correct -- this is an incredible buyer's market, and the window of opportunity for taking advantage of it is slowly closing. However, if I've said it once, I've said it a million times -- it's only a good time to ...