9 Ways To Afford More House Without More Cash | 2022

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Get creative to afford more house in today's market Home buyers are feeling the affordability squeeze, with high home prices on one hand and rising rates on the other. Down payment assistance can help cover your down payment and often closing costs, too, which might boost your home buying budget when added to your savings. Negotiate a lower mortgage rate The lower your mortgage interest rate, the more home you can afford to buy. Count renter income toward your mortgage If you currently have a roommate or renter who's planning to move into your new home with you, you might be able to use their rent payments to help you qualify for a mortgage. Freddie explains, "A renter with two long-term roommates wants to make the jump to homeownership and will bring [their] boarders with [them]. With Home Possible, [they] can use rental proceeds as qualifying income for [their] mortgage." Fannie Mae's HomeReady loan has a similar provision allowing borrowers to count renter income on their application as long as the renter has lived with them for at least a year prior to getting the mortgage. The bottom line when you need to afford more house Rising mortgage rates are tough on home buyers, but they don't need to put your homeownership dreams out of reach. To get started, connect with a mortgage lender who can help you compare your options and work with you to maximize your home buying budget.