Everyone seems to have an opinion about home ownership. But how do you separate the fact from the fiction? Here at Attainable Homes, we’ve found some common misconceptions about home ownership. Don’t let these myths prevent you from fulfilling your dreams of home ownership.
You Need to Save a Large Down Payment
With today’s cost of living, saving a down payment can be a challenge. However, with the Attainable Homes program, your portion of the down payment is only $2,000. The balance of your down payment comes in the form of a wholly forgivable equity loan.
Find a Home You Like, Then Get a Mortgage
Many people think they should go house shopping first, and then get a mortgage that will cover the cost of their dream home. In actuality, it is prudent to get preapproved for a mortgage first, so when you go shopping you can find a home that meets your lifestyle, and your budget.
You Have to Live There Forever
If you’re buying a home, you should plan to live there at least 3-5 years. But you’re not committed to living there forever. However, if you want a more flexible lifestyle, that allows you to move frequently, home ownership may not be for you.
You Can’t Own a Home if you Have Debt
If you have debt such as student loans, car loans, or credit cards, it doesn’t mean that you won’t be able to get a mortgage. Meet with a specialist to assess the impact your debt may have on your ability to handle a mortgage. If you have credit troubles, or the debt is too great for you to be able to afford a mortgage, your lender can help you with a plan to improve your financial standing.
Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap.
Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.
Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.