Jay Quigley explains that first-time buyers don't need 20% down to own a home. A starter home can cut the break-even point from 15 years to 7 years, and loan programs exist with as little as 3% or 0% down.
So many of my buyers feel their first home is years out of reach. With affordability this tight, I can definitely see why. But here's what I always tell them. There are a couple of ways to speed up the process, starting with the type of home you buy. Opting for a starter home can get you there in about half the time. On the typical path, saving up and getting to the break-even point where owning costs the same as renting, Takes about 15 years. With a starter home though, it's only around 7. So buying an entry-level home can shave more time off the wait than you'd expect. And keep in mind that both those numbers assume you're saving up for a 20% down payment. Most first-time buyers put down far less. So these numbers may be higher than they need to be, especially when you consider some loans only require as little as 3% or even 0% down. If you're tired of waiting, let's chat about what we can do to put you in your first home sooner rather than waiting for a few more years.
Waiting for a major market shift in Tampa before selling may not be your best move.
