Historically, rents continue to increase 2% to 5% every year. Renters take the brunt of a hot housing market and burn cash every month with nothing to show. 



On the other hand, Homeowners with fixed 15-year or 30-year mortgages have predictable mortgage payments month after month. As sales prices rise, homeowners are also gaining equity in an appreciating asset, while their monthly payment remains the same. 

The three things that hold back renters from owning are:

1. Income
2. Assets
3. Credit

Here’s how to overcome those hurdles and go from renting to owning a home.

Income And What You Need To Know

If you have a stable job or a steady source of income, you’re already in great shape! Income is one of the major factors of qualifying to purchase a home. If you are able to pay your rent in a timely manner each month, purchasing a home could be easier than you think! 

Assets Might Not Be As Important As You Realize

The common consensus is you need a down payment of 20% to buy a home. Typical financial advice used to be, even if you don’t have 20% down you should. This thinking stems from when rates were 5, 6, or even 15%. 

Today, with historically low rates, 20% down doesn’t make financial sense. Many programs will work with 5%, 3.5% or 3%, and in some cases, even 0% down. 

You may be able to get a house and lower your monthly expense without a lot of cash on hand. Sellers, lenders, gifts, and grants can even cover your closing costs. So if you think you're out of luck just because you don't have tons of cash, no worries. Chances are still good there's a solution that may work.

Credit Isn’t Critical And Can Be Fixed

In most cases, if you pay your bills on time, your credit score should be at or around approvable levels for a home loan! We definitely want to avoid major issues like bankruptcy, foreclosures, short sales, liens, or judgments. However, even if we have had credit issues in the past, we have loans with more flexible criteria to help you if you have less than perfect credit. This allows us a plethora of options to accomplish your goal of homeownership! 

Stop Renting - Become a Homeowner

Income, credit, and assets are the fundamentals of mortgage lending. Everyone’s circumstances are different, and different lenders have different products to get you the best loan terms possible. 

If you have a job and pay your bills, you can and should own a home. 

Take the first step in homeownership and find out how much house you can afford. There is no pressure to borrow. You just need to know your options. 

That’s what we do at Chissell Mortgage Group, we give homebuyers options. Call us today, (727) 376-6900, and learn more about what options are available to you!