Wanting to own your own house is a big step in terms of wealth creation and is a huge investment. Most people will think that the best way to own one is to save until they are able to buy a house. However, considering the fact that there will always be something that will require you to dip into this kitty, it may be a while before you actually own it. There are various other alternative ways to raise funds to own your dream house. Here are a few of those ways;
1. Get a mortgage
This will require you to re-evaluate your cash flows. This means checking your credit rating and maybe even transferring interest from higher interest rate cards to lower interest rate cards. You may also want to pay off high interest rates as this will increase your credit rating. You may also want to cut on your spending and get a stable job, mortgage lenders like to see job stability.
2. Evaluate your Existing assets.
You could also consider selling an existing property, vehicle or boat. You could also borrow funds from your 401K or your IRA or life insurance. If you have relatives or friends who could offer you a grant to start buying a house.
3. Community Land Trust Organization
These are organizations that give qualified home buyers who may otherwise not be able to buy the house, grants to buy their own houses. They help this first time buyers who have excellent credit ratings but are low or middle income earners purchase a new home. The home buyers will also be able to buy the house for a significantly lower price as the community land trust purchases both the house and the land. You are then allowed to lease the land for a lower fee and still have all the rights you normally would. However, should you want to sell the house you will only be able to sell it for a fraction of the appraised value.
4. Get a federal home administration loan.
The Federal home Administration insure loans so that lenders can grant first home buyers good deals. With an FHA loan, your down payment will be relatively lower, closing costs will be low or nil, and you will have less stellar credit.
5. Ask for help with the down payment
You also raise funds for you house by using grants and charities who offer to help the public with the down payment for a new house. Their programs are not for first time users only and weather they provide the entire down payment or a part of it, it will still go a long way in raising funds for your house.
Once you have acquired financing for your home, you need to do research to identify where the property you wish to purchase is located and to find out who the previous owners were. You can use do this using the Land Registry Telephone Number, or by visiting their offices. They may also be able to help you find a property.