A higher quality home environment contributes to both the physical and cognitive growth of children. Children of homeowners tend to have higher levels of achievement in math and reading, and generally have fewer behavior problems. That contributes to higher educational achievement, lower teenage pregnancy rates and higher lifetime incomes.
The problem with home ownership today is that it doesn’t look like America today. Home ownership remains a difficult goal for many who want to own a home of their own. Though home ownership has increased among minorities over the last two years, there is still a disparity between ownership levels for different groups. Low- and moderate-income families, as well as minorities, are the groups that home ownership eludes the most.
So what can you do to own your own home? First you should get pre-approved by a mortgage company that has a program for the type of mortgage you are looking for. There are many different loan types that work for different people. Mortgages are no longer a one size fits all type of thing. I think there are as many different programs as there are mortgage companies. Most have first time buyer programs, low or no down payment programs, and programs with New Hampshire or Vermont housing finance assistance.
The type of loan you are looking for is the determining factor in where you go for your home loan. Local banks and credit unions have many good programs for buyers. If you are looking for a VA type of loan you may have to go with a mortgage company as some local banks don’t offer them. Shop around. Rates and benefits vary from bank to bank. Some will give money towards you closing costs. Some have higher fees to make the loan then others.
Tomorrow we will look at shopping for the home!