Rent or Buy: Is 2021 a Good Time to Buy a Home?

With 2020 behind us, and mortgage rates leveling out, many people are wondering - is now a good time to buy? 

In short, the answer is - probably, yes. And, with fewer existing homes on the market, it may be a perfect time to build new. 

According to an article on simpleshowing.com, "Mortgage rates will likely remain low throughout 2021, meaning that now could be a great time to buy and save on rent." 

The first step is to get pre-qualified. Fortunately, most prospective home buyers can qualify for some kind of mortgage loan. 

According to the article, "FHA loans require a minimum credit score of 580 and a down payment of at least 3.5%. For a $250,000 home, that works out to $8,750. If you have a credit score between 500 and 580, you still could qualify as long as you have 10% down.

Even if you don't have the 3.5% down payment, there are often homeownership programs that states offer." 

In Okahoma, we have just that - the Oklahoma Housing Finance Agency (OHFA) Down Payment Assistance Program. 

If you qualify for a loan and you are a current renter, look into whether it is cheaper to buy or to rent. You may be very surprised. We recommend speaking with a preferred lender to find out just how much you could be paying each month to own, and invest in your future, rather than paying someone else's mortgage. 

Read more about the pros and cons of buying in 2021: https://www.simpleshowing.com/blog/should-i-buy-a-home