The Blog ofAlex Hubler Homes

Tired of making your landlord rich?

If you’re renting an apartment, house, condo, or townhome have you ever considered how much money you’re giving to your landlord? As long as they’re running a profitable business you’re putting money into their pocket that you could be keeping for yourself. 

In this video I take a look at one of the most common concerns I come across when working with first time home buyers, the down payment. 

 

Most people think you need 20% down to buy a home, which isn’t always the case. Your average three bedroom home in the Twin Cities market in January 2018 was $261,867 but lets call it $260,000.  Now 20% of that is a lot of money but if we look at a lower down payment option like 3% to 5% that’s only $7,800 which is a lot more affordable. The closing costs are typically 3% of the purchase price, which in this case would be another $7,800 bringing us to a total of $15,600 needed to close. Now what if I told you there are down payment assistance programs that allow for loans to be used towards the down payment for up to 5% of the purchase price? In this case that would be $13,000. If we take our $15,600 needed to close and back out our $13,000 down payment assistance loan it brings us to $2,600. Only $2,600 up front in order to close a $260,000 home. This makes home buying super affordable!

So before you go and sign that next lease give me a call, let’s take a look at your options, and get you into a home for a very affordable amount!