5 Reasons Why Renters Struggle to Transition to Homeownership

Jennine Hunter, Mortgage Loan Originator, (317) 529-5393jennine_hunter@ucbi.comNMLS# 1780411 Fear The first reason why renters struggle to transition to homeownership is fear. They believe they will be rejected due to income, credit, down payment, job history, or, possibly, criminal background. But in many situations, this isn’t true. The key to finding out where you stand is to talk with a housing counselor or mortgage professional who can help you achieve your dream of homeownership. I’m currently working with a couple who had been renting for years until the home was sold out from under them. They were apprehensive about purchasing due to their debt—student loans, car payments, and credit cards. We began the process three months ago, and this weekend, they are going under contract for their new home! If they had continued to operate in fear, they would have continued to rent and never built wealth for their family. Talk to someone!   Credit As mentioned before, the “fear” of needing a credit score over 700 prevents many renters from purchasing. A little-known secret is that all government loans only require a credit score of 580 to get started! Most renters want to clean up their credit on their own or...