Why Buy Your First Home Now?

What would your life look like in two years if you bought your first home today?

Maybe a home is something you want, but the timing doesn't feel right: your downpayment savings aren't where you want, or your future is uncertain. I get it—most homeowners start with the same hesitations. There are plenty of reasons to wait, but waiting for the “perfect time” is expensive. Often, all you need is a strategy.

So now let's fast forward just a few years.

You have stability. While rents have likely increased, your monthly mortgage remains the same. You've built equity. Every mortgage payment you made includes principal, which directly reduced the amount of your loan balance. On top of that, your home likely appreciated in value, given that land and construction costs continue to rise. Owning a home can also provide tax advantages.

All this means that now you're in a stronger financial position, with equity, stability, and a home of your own—without regrets.

Let's talk strategy.

The first steps are knowing how much of a house payment you can comfortably afford and understanding loan options that fit your goals. This is about your life plan, not just your income. There are a lot of unique loan options that help to reduce your monthly payment, which is why at Crosspointe Homes we recommend meeting with a lending partner as your first step in home buying. Meeting with a lender can seem scary, but think of it as a free financial check-up. If you aren't quite ready to buy, a lender can help you strengthen your credit and get you prepared for the next step.

The formula no one talks about.

What if your down payment didn't have to come entirely out of your own savings? Through Down Payment Assistance (DPA) programs and a NC REALTORS® Housing Foundation grant, some buyers qualify to receive up to $42,500! Here's the formula, the City of Greensboro offers up to $25,000 in DPA, NC Housing Finance Agency offers up to $15,000 in DPA, and the NC REALTORS Housing Foundation offers $2,500 as a down payment assistance grant. Welcome home! That's up to $42,500 in Down Payment Assistance to help make homeownership a reality. There are many variables in qualifying, so we recommend meeting with one of our preferred lenders to help guide you through your options.

Plot twist: You can own a home!

Once you know your budget, you're in the game. Now to find your home! Your first home doesn't have to be your final dream home, but it needs to work for you. Do you want a new home or an existing home? A word of caution, know what you're buying. New homes come with many advantages including:

• Builder warranties to protect you from unexpected repairs
• Better energy efficiency, new systems, and lower cost to maintain
• Modern layouts, more storage, and often built-in smart technology
• Stronger resale potential thanks to modern features that buyers want

Visiting new home communities is fun—you get to see a variety of floorplans and professional styled homes. Once you choose your community, ideal lot, and preferred plan, you can often select your colors, finishes, and add upgrades to personalize your home and make it fit your lifestyle. From here, you complete a contract with the builder, submit a deposit, and you are on your way to homeownership.

Friendly pricing.

Sometimes builders offer special incentives, so be sure to ask. At Canter Park, a Crosspointe Homes community, many luxury features are already included as standard and buyers can receive up to $3,000 to buy out a lease, lower closing costs, take advantage of flexible loan options, or add additional upgrades. Canter Park has on-site sales professionals available to guide you through each step, and buyer agents are always welcome.

It's a plan, not a push.

If it's not quite the right time to buy, that's okay—you still have a strategy to strengthen your credit so you can make the most of your money when the time is right for you to buy your home.

Strategy today. Keys tomorrow.

If you're interested in determining your budget, Crosspointe Homes has partnered with four local lenders who can help you get pre-approved and find out if you qualify for Down Payment Assistance. If you're ready to tour new homes, we invite you to visit Canter Park our vibrant new townhome community in northwest Greensboro.